Silver Soars to Six-Week High Amid US Jobs Report Jitters

Silver prices surged to a six-week high on Friday, reaching $63 an ounce as investors awaited the US jobs report for clues on labor market conditions and Federal Reserve monetary policy.

Markets remain divided over whether the Fed will raise interest rates in September, but officials have signaled a willingness to tighten policy soon due to inflationary pressures.

The Strait of Hormuz tensions pushed oil prices higher, reviving concerns about inflation and near-term rate hikes.

Chinese imports of silver-bearing ores surged 62.5% year-over-year in June to 219,000 tonnes, supporting industrial demand for the precious metal.