Silver Price News: Silver Gains for Fourth Day, Topping $29.80

Silver prices rose for a fourth day on Tuesday, moving above $29.80 an ounce for the first time since June 21^st.

Prices rose as high as $29.86 an ounce on Tuesday, before easing back to $29.53 an ounce later in the day. That compared with around $29.46 an ounce in late deals on Monday, giving a day-on-day gain of about 0.25%.

US job openings in May rose to 8.14 million, slightly above forecasts of 7.91 million, according to figures released on Tuesday. While the stronger jobs numbers provide the central bank with more leeway to maintain high interest rates, the markets appear to be factoring in one rate cut later this year and four more in 2025.

Silver’s strength over the last few days comes within the context of a downward-sloping price channel that started in late May. Recent robust support at below $29.00 suggests these near-term losses could be slowing. A sustained breakout above $30.00 an ounce would break this bearish trend, while further easing toward $28.00 an ounce would further reinforce it.

Looking ahead, data releases this week include Wednesday’s weekly US initial jobless claims, ISM Services PMIs for June, and factory orders for May. Thursday will see German factory orders data for May, while Friday’s US Non-Farm Payrolls and the June unemployment rate will also be watched for an update on the US economy.