Silver Price Stagnant Ahead of Crucial NFP Report

The silver price (XAG/USD) is struggling to extend its recovery above $66.25 during the European trading session on Thursday, but investors are eagerly awaiting the release of the US Nonfarm Payrolls (NFP) data for August, scheduled for Friday.

According to TD Securities, the NFP report is expected to show a rebound in job numbers, with 95k new jobs added after July's decline of 23k. The unemployment rate is projected to remain steady at 4.1% with balanced risks.

The market expects the NFP data to influence expectations for the Federal Reserve's (Fed) monetary policy outlook. Analysts at TD note that a modestly hawkish employment report will reaffirm the Fed's attention on inflation, but it is unlikely to prompt rate hikes in September.