Silver Prices Correct Amid NFP Data Caution

Silver prices retreated to near $66.30 on Friday in European trading hours after reaching a fresh five-day high of $68.00, as investors await the US Nonfarm Payrolls (NFP) data for August.

The NFP data will be published at 12:30 GMT and is expected to show a partial recovery in the US labour market, with TD Securities forecasting a rebound to 95k after July's decline of 23k.

Analysts at Commerzbank also noted that lingering uncertainty over the US rate outlook was underscored by comments from Fed Governor Christopher Waller, who signalled that 'a rate hike is by no means necessary.'

In technical analysis, XAG/USD maintains a bullish near-term bias as it holds above the 20-day exponential moving average (EMA) at roughly $65.71.