Silver prices fell sharply on Friday, weighed down as gold prices fell at the end of the week.
Prices moved in a range of $23.75 to $23.90 an ounce on Friday morning, but the afternoon session saw prices make a decisive move lower to round off the week at just above the $23.00 mark.
US Non-Farm Payrolls figures released Friday showed a larger than expected rise in jobs in November, which worked against the notion that the US Fed will start cutting interest rates as soon as March 2024. A strong economy would allow more leeway to maintain higher interest rates, while a weakening economy would pressurise the central bank to start cutting them.
Gold and silver prices also came under downward pressure as the US dollar strengthened against other major currencies through the week, making it more expensive to buy precious metals in other currencies.
The week of sharp losses for silver erased the gains seen in the second half of November, taking prices back to levels last seen on November 14th.
Looking ahead, the market will be watching out for US inflation data due out on Tuesday, and a decision by the US Fed on interest rates on Wednesday, which is widely expected to maintain current rates at 5.25-5.5%.
This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.
Read our Editorial Guidelines here.