FX.co ★ Silver Falls Amid Easing Rate-Cut Bets

Silver prices decreased to $50.8 as the market responded to an unexpectedly strong US employment report, solidifying the belief that the Federal Reserve may maintain interest rates at their upcoming meeting. This development has slightly reduced the immediate appeal of non-yielding metals. According to the Bureau of Labor Statistics, 119,000 jobs were added in September, recovering from a revised decline of 4,000 in August and significantly surpassing the 50,000 anticipated consensus. Meanwhile, the unemployment rate rose to 4.4%, the highest level since October 2021, and hourly earnings saw a 3.8% growth. Additionally, the Bureau announced they will skip the usual October employment release, instead incorporating those figures into the delayed November report. These data points have strengthened the US dollar and decreased the influx into safe-haven assets like bullion.