Silver Prices Surge as US Dollar Falls Amid Job Demand Weighed

Silver prices are rising as the US Dollar (USD) falls further. The XAG/USD pair is up 0.67% to around $65.70 during the European trading session on Thursday, after a moderate job demand in the United States' private sector weighed on the Greenback.

The US ADP reported that the private sector created fewer jobs than estimated, with 38K new positions added in August, compared to 47K forecasts and 46K previously. This has set an unfavorable backdrop for the Nonfarm Payrolls (NFP) data for August, which will be published on Friday.

A lower US Dollar makes Silver a favorable risk-reward bet for investors, as it increases the precious metal's value in dollar terms. Additionally, a pause in the rally of US Treasury Yields has provided support to non-yielding assets like Silver.