Silver Rebounds from NFP Lows as Dollar and Yields Lose Steam
The US jobs report sparked a sharp decline in Silver prices on Friday, but the precious metal managed to recover some ground as the dollar and treasury yields lost momentum.
Silver initially plummeted to an intraday low of $64.74 after the release of the August employment data, which showed that US employers added 162K jobs, more than three times the expected 56K.
However, both the US Dollar Index (DXY) and the benchmark 10-year US Treasury yield retreated from their post-release highs, allowing Silver to rebound by over $1 from its intraday low.
The stronger-than-expected jobs data also shifted expectations surrounding the Federal Reserve's September monetary policy decision, with markets now assigning a 60% chance to a 25-basis-point interest rate hike at the September 15-16 meeting.