Spot Silver held near a fresh 14-year high of $41.66/oz. on Tuesday, underpinned by rising expectations of a Federal Reserve interest rate cut this month, while the US Dollar retreated and US bond yields fell.
Employers in all sectors of the US economy, excluding farming, added only 22,000 job positions in August, well below market consensus and the revised up 79,000 in July.
And, the unemployment rate went up to 4.3% in August, the highest since October 2021. The figures again highlighted signs of a cooling labor market.
Markets are now pricing in about an 89% chance of a 25 basis point Fed rate cut in September and an 11% chance of a super-sized 50 basis point cut.
Lower interest rates tend to reduce the opportunity cost of holding Silver, which pays no interest.
Also boosting Silver, the US Dollar Index slid to an almost seven-week low, while the US 10-year Treasury yield plunged to a five-month low.
Additionally, robust industrial demand continued to support Silver prices.
Spot Silver was last down 0.19% on the day to trade at $41.27 per troy ounce.
Meanwhile, Silver futures for December delivery were last down 0.01% to trade at $41.898 per troy ounce.
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