FX.co ★ Silver Hovers Near 14-Year High

Silver edged up to approximately $41.8 per ounce on Friday, maintaining its position near the highest levels seen since 2011. This uptick comes as signs emerge of a cooling labor market in the United States, bolstering expectations for a potential interest rate cut by the Federal Reserve. The latest ADP report revealed that private payrolls increased by only 54,000 in August, falling significantly short of predictions. Additionally, jobless claims have reached their highest point since June, indicating further market weakness. Investors are now eagerly awaiting the release of the August employment report later today, which is anticipated to solidify the likelihood of an imminent Fed action. The markets have nearly fully priced in the probability of a 25 basis point reduction on September 17. Demand for safe-haven assets, such as bullion, has been bolstered by concerns regarding the Fed's independence, ongoing trade tensions, and geopolitical conflicts. From an industrial perspective, silver demand remains robust, driven by China's booming solar industry. During the first half of the year, solar cell exports increased by over 70%, spurred by substantial shipments to India.