Spot Silver pulled back from a 14-year high of $41.47/oz. on Thursday, as investors took profits after recent rally.
Similar to Gold, the white metal has been underpinned by rising expectations of a Federal Reserve interest rate cut later this month.
Markets are now pricing in about a 97% chance of a 25 basis point Fed rate cut in September.
Lower interest rates tend to reduce the opportunity cost of holding Silver, which pays no interest.
This week’s US Non-Farm Payrolls report could provide more clues on the size of the expected rate cut by the Fed.
Employers in all sectors of the US economy, excluding farming, probably added 78,000 job positions in August, according to market consensus, following a job growth of 73,000 in July.
The latest data by the US Labor Department showed job openings had dropped more than expected to 7.181 million in July, suggesting a cooling labor market.
Additionally, robust industrial demand continued to support Silver prices.
Spot Silver was last down 0.69% on the day to trade at $40.92 per troy ounce.
Meanwhile, Silver futures for December delivery were last down 1.28% to trade at $41.523 per troy ounce.
Year-to-date, the white metal has surged 41.54%.
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