Silver Surges to Six-Week High Ahead of US Jobs Report

The Silver price has reached a six-week high ahead of the US Nonfarm Payrolls report due later in the day. Economists expect the US economy to have added 80K jobs in July, with the Unemployment Rate remaining unchanged at 4.2% and annual Average Hourly Earnings growth holding at 3.5%. A stronger-than-expected report could revive expectations of a more hawkish Fed and limit the metal's upside, while weaker data could weaken those expectations.

Investors have scaled back expectations for additional monetary tightening in recent days, according to the CME FedWatch Tool. This has contributed to the support for precious metals like Silver, which typically perform well when interest rate expectations ease.