Silver Prices Rise on Strong Demand
On Thursday, silver closed at US$38.284 per troy ounce, slightly higher than the previous close of US$37.852. This increase reflects market optimism regarding the precious metal's prospects amid global economic uncertainty.
Chairman of the Council of Economic Advisers Stephen Miran was appointed to serve as a Federal Reserve governor by President Donald Trump. Trump stated that Miran, who needs to be confirmed by the US Senate, will only serve out Fed Governor Adriana Kugler's term, which expires in January.
The increase was also driven by initial jobless claims rising to 226,000 last week, up from 218,000 the previous week and above the FactSet consensus estimate of 221,000 claims. This data is another sign that the US labor market is slowing and follows last week's weaker-than-expected employment report.
Source: Newsmaker.id