Commodities
Silver Price Slumps Below $66.00 Amid Strong US Employment Data
The price of silver has dipped below $66.00 as investors react to strong US Nonfarm Payrolls (NFP) figures released last Friday.
US NFP showed a 162K increase in net employment in August, well above the 57K forecasted by market analysts, easing concerns about a softening labour market and boosting hopes of a US Federal Reserve rate hike next week.
The data prompted investors to ramp up bets on a Fed rate hike at the September 15-16 monetary policy meeting to a 58% chance from around 50% before the release, according to the CME FedWatch Tool.