Silver Price News: Silver Jumps Higher After US Jobs Figures

Silver prices powered up above the $31.00 an ounce level on Friday to hit a three-week high, taking a lead from stronger gold prices as US economic data strengthened the case for interest rate cuts.

Prices briefly notched up a high of $31.71 an ounce – the highest price for silver since June 12. That compared with around $30.40 an ounce in late deals on Thursday.

Both gold and silver reacted positively to US data released Friday which painted a dimmer picture on the economy, playing into expectations that the US Fed will start to slash interest rates this autumn.

Friday also saw the return of the US markets after the July 4 Independence Day holiday.

Silver came back down off the highs to trade at around $31.24 an ounce in late deals on Friday, holding comfortably above the $31.00 figure.

Siver’s impressive performance through the week ending July 5 has begun to challenge a bearish trend that’s been in place since late May when prices traded as high as $32.70 an ounce. Support at below $29.00 an ounce has held firm in June, helping to build a solid base from which prices have pushed back up toward the May highs.

Looking ahead, attention will turn to Tuesday for speeches by US Fed officials, including testimony from Fed chair Jerome Powell, for any further signals on the outlook for monetary policy.

Data from interest rate traders points to an expected 78% probability of a US interest rate cut at the Fed’s meeting on September 18, with a 92% chance that the central bank will keep rates on hold at the next meeting set for July 31.