Silver Prices Soar to Seven-Week High on Rate Hike Fears Easing

Silver prices held at a seven-week high of over $63.5 per ounce on Monday, driven by expectations that the Federal Reserve is less likely to raise interest rates this year.

The unexpected drop in nonfarm payrolls in July and a decline in the labor force also contributed to the view that rate hikes are unlikely.

Oil prices remaining below their Iran war peaks this year further supported precious metals, as energy inflation eased.

This decreased the opportunity cost of holding non-yielding assets like silver, benefiting industrial demand for the metal.