Spot Silver scaled a fresh 2-week high of $37.01 on Thursday, as investors braced for the US Non-Farm Payrolls report later in the day for more insight into labor market conditions and the Fed’s future interest rate path.
Employers in all sectors of the US economy, excluding farming, probably added 110,000 job positions in June, according to market consensus, following a job growth of 139,000 in May.
A weaker-than-expected figure could add to expectations of a Fed rate cut as early as July.
The latest ADP data showed that US private payrolls had decreased for the first time in more than two years in June, since economic uncertainty weighed on hiring.
Federal Reserve Chair Jerome Powell once again said the central bank planned to “wait and learn more” about the impact of tariffs on inflation before easing monetary policy further, despite President Trump’s demands for immediate and deep rate cuts.
Meanwhile, on the trade front, the US will impose a lower-than-promised 20% tariff on imports from Vietnam, while US President Donald Trump expressed optimism regarding a potential trade deal with India prior to the July 9th deadline.
Trump has indicated no signs that the negotiation deadline will be extended, despite that talks with Japan have stalled.
The white metal also remains underpinned by robust industrial demand and persistent supply deficit.
Spot Silver was last up 1.16% on the day to trade at $36.98 per troy ounce.
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