Trending
Silver
Source: Newsmaker.id
Silver prices surged approximately 2.7% to the US$67.05 per troy ounce range during Thursday's trading (Sept 3). This rise extended a rebound from a two-week low as pressure from the US dollar and bond yields began to ease.
The US Dollar Index fell about 0.7% to the 98.87 level, while the 10-year US Treasury yield softened to 4.76% after previously touching 4.82%. The decline in both instruments reduced the opportunity cost of holding silver, an asset that yields no interest.
Sentiment improved after Fed Governor Christopher Waller stated he could support keeping interest rates unchanged if August data showed inflation continuing to cool. These comments lowered the probability of a September rate hike to around 50%–54%, down from the previous 62%.
US labor data also provided support for silver. ADP reported an increase of only 38,000 jobs, while jobless claims rose to 206,000. Market attention is now focused on Friday's Nonfarm Payrolls (NFP) report and next week's CPI and PPI inflation data.
Newsmaker Analysis: Silver's bias has turned bullish again as long as it holds above US$66. A breakout above US$67.70 could pave the way to US$69.50; however, a strong NFP report could boost the dollar and yields, potentially triggering a correction to the US$65.50–US$65 range. (arl)
Source: Newsmaker.id