Spot Silver surged on Monday, following Friday’s sell-off, as investors awaited a string of US macro data this week, including the September Non-Farm Payrolls report on Thursday, which may provide more insight regarding the health of the US economy.
Precious metals faced heavy selling pressure at the end of last week, as market players scaled back expectations of US interest rate cuts.
An increasing number of Fed officials have signaled reticence on further rate cuts due to inflation concerns and indications of relative stability in the US labor market.
The Federal Reserve lowered its federal funds rate target range by 25 basis points to 3.75%-4.00% at its October meeting. But, Fed Chair Jerome Powell had said that a December rate cut was not a foregone conclusion.
Markets are now pricing in about a 43.5% chance of a 25 basis point Fed rate cut in December, compared to a 62% chance a week earlier.
Spot Silver was last up 0.84% on the day to trade at $51.00 per troy ounce.
Robust industrial demand continued to support Silver prices amid supply constraints.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
