Weaker Dollar Boosts Silver Prices Above Consolidation Range

Silver prices have surged above their consolidation range, driven by a weaker U.S. dollar and fading expectations of Federal Reserve rate hikes.

Last Friday's weak U.S. nonfarm payrolls report saw nonfarm payrolls fall by 23,000 in July, compared to the market's prior expectation of an 80,000 increase.

This has led to a marked slowdown in U.S. job growth, further dampening expectations for Fed rate hikes and weighing on the U.S. dollar index.

The interest-rate market is rapidly adjusting policy expectations, with investors now pricing in a roughly 44% probability of a Fed rate hike in September, down from 67% just a week ago.