Silver Hits Six-Week High on Weaker Dollar and US Jobs Report Expectations

Silver prices have reached a six-week high of $24.50 per ounce as investors await the upcoming US jobs report, which is expected to show a slowdown in job creation.

The rally is driven by a weaker US dollar and growing expectations that the Federal Reserve may pause its rate-hiking cycle, making silver cheaper for holders of other currencies and boosting demand.

Market sentiment has shifted toward the view that the Fed might not need to raise interest rates as aggressively as previously thought, reducing the opportunity cost of holding non-yielding assets like silver.

The US non-farm payrolls report is scheduled for release on Friday, with economists forecasting around 180,000 new jobs added in May, down from 253,000 in April. A weaker-than-expected number could reinforce the case for a Fed pause and push silver prices higher.