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Forex

Silver Soars on Weaker Dollar and Slowing Labor Demand

Guavy AI Editorial Team
Instruments
USD
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Silver prices continued their upward trend on Thursday, building on Wednesday's recovery. The metal is currently trading near $65.70, up about 0.67% from its previous level.

The US Dollar (USD) has lost further ground, with the US Dollar Index (DXY) hovering close to Wednesday's trough at 99.45. This weakness in the dollar is supporting Silver's price, as investors view it as a more attractive risk-reward opportunity.

A weaker-than-expected US ADP employment data for August also contributed to the dollar's decline. The private sector created only 38K new jobs in August, missing expectations of 47K and down from the previous reading of 46K.

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