Spot Silver bounced off a 3-week low of $31.67 per troy ounce on Friday, as investors braced for the US Non-Farm Payrolls report later in the day for more insight into macroeconomic conditions and the Fed’s future interest rate path.
Employers in all sectors of the US economy, excluding farming, probably added 130,000 job positions in April, according to market consensus, following a job growth of 228,000 in March.
Average hourly earnings growth probably accelerated to 3.9% YoY in April from 3.8% YoY in March.
The white metal was attempting a rebound after three straight trading days of losses – mostly due to a firmer US Dollar, after the US economy unexpectedly contracted during the first quarter of 2025, according to a flash estimate.
The latest developments on the tariff front raised hopes of a de-escalation of tensions. China announced it was considering the possibility of beginning trade negotiations with the US. Yet, Beijing warned the US not to engage in “extortion and coercion.”
Earlier, US President Trump said trade deals could be struck with India, Japan and South Korea, while there was a “very good chance” of an agreement with China.
Spot Silver was last up 0.33% on the day to trade at $32.52 per troy ounce.
The precious metal was set to register a weekly loss, being down 1.73% so far this week.
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