Silver Prices Soar on Non-Farm Payrolls Hopes as Oil Price Rebound Cools Sentiment

Spot silver prices have surged nearly 3% in Friday's Asian session, hitting a one-and-a-half-month high of $63.42 per ounce.

The market is eagerly awaiting the release of the U.S. nonfarm payrolls report for July, which will provide crucial insights into the Federal Reserve's interest rate outlook.

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