Silver gains 2.3% to $61.80 as cooling US labor data prompts investors to scale back expectations for aggressive Federal Reserve interest rate hikes.
Silver prices have surged 2.3% to approximately $61.80 as market participants recalibrate their expectations for Federal Reserve interest rate policy. This shift in sentiment is directly attributed to the release of softer-than-expected official US labor market data for September, which has reduced the perceived likelihood of aggressive rate hikes.
Silver is experiencing a strong start to the week, trading up 2.3% near $61.80 during the European session.
The rise is driven by traders scaling back expectations for Federal Reserve interest rate hikes following weak US labor market data.
Silver prices climbed 2.3% to reach $61.80 during Monday's European session. The move follows a shift in market sentiment as traders recalibrate Federal Reserve interest rate expectations in response to weaker-than-expected US labor market data for September.
Silver is rallying because soft US labor market data for September has led traders to reduce their expectations for further Federal Reserve interest rate hikes.