Silver Prices Spike as Market Awaits Crucial Nonfarm Payrolls Report

Spot silver prices have surged nearly 3% in the Asian session on August 7, hitting a one-and-a-half-month high of $63.42 per ounce.

The market is anticipating the U.S. nonfarm payrolls report for July, which will serve as a key indicator for assessing the Federal Reserve's interest rate outlook.

According to TD Securities, the firm forecasts that July nonfarm payrolls will modestly recover to 70,000 following June's unexpected decline to 57,000, indicating that the pace of hiring remains moderate.

The rebound in oil prices due to geopolitical risks has reignited concerns about inflation and potential rate hikes, which could limit further upside for silver prices.