US Employment Data Strengthens, Silver Falls
Silver prices slipped below $50.8 per troy ounce on Thursday, as market participants digested the release of much stronger-than-expected US employment data. The latest report showed the addition of 119,000 non-farm payroll jobs in September, rebounding from a downwardly revised 4,000 in August and surpassing the consensus of 50,000.
Meanwhile, the unemployment rate rose to 4.4%—the highest level since October 2021—while average hourly wages continued to grow solidly at around 3.8% annually. The Bureau of Labor Statistics (BLS) also stated that the October data will not be released separately and will be incorporated into the delayed November report.
Overall, this combination of data reinforces expectations that the Fed will hold interest rates next month, supporting a stronger dollar and reducing interest in non-yielding precious metals like silver and gold bullion as safe-haven assets.
Source: Newsmaker.id