Silver Rises Above $41, Investors Eye Economic Data
Silver prices reflected cautious market sentiment on Wednesday, with relatively slight gains and holding near a 14-year high as focus now shifts to key inflation figures this week, with the August producer price index due on Wednesday and the consumer price index on Thursday. Globally, silver is trading around $41.10 per troy ounce, up about 0.46% from the previous day.
On Tuesday, the Bureau of Labor Statistics reported that the U.S. economy likely added 911,000 fewer jobs in the 12 months to March, or about 76,000 fewer jobs per month, underscoring a weaker labor market than previously estimated.
Silver is currently being boosted by expectations of global interest rate cuts, which are making the safe-haven asset increasingly attractive. Continued inflationary pressures and a slowing economy have also strengthened silver's appeal as a hedge. However, price increases remain restrained due to relatively stable supply and market activity tending to await upcoming economic data.
Source: Newsmaker.id
