Silver Prices Fall Amid Weak Jobs Data and Holiday-Driven Volumes

The August non-farm payrolls report was released on Friday at 8:30 Eastern Time, and it showed a number that reset the September 17 Federal Open Market Committee conversation: 22,000 jobs. This figure was roughly 30,000 below the most pessimistic mainstream forecast and a sharp retreat from July's revised 68,000.

Despite this weak jobs data, which should have boosted hopes for a Fed rate cut, silver prices fell. Commodity markets typically benefit from lower interest rates as they soften the dollar and reduce the opportunity cost of holding non-yielding assets.

The MCX Silver December futures last traded at ₹2,40,612 per kilogram on September 4, down ₹1,737 from Wednesday's settlement of ₹2,42,349. The IBJA physical reference rate was unchanged at ₹250 per gram due to the Janmashtami holiday.