Silver Price Forecast: Weak NFP pushes XAG/USD to the top of its weekly range

Both total nonfarm payroll employment (+57,000) and the unemployment rate (4.2 percent) changed little in June, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, social assistance, and health care. Leisure and hospitality lost jobs. This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note. U.S. economy added 57,000 jobs in June, less than expected; unemployment rate at 4.2% The U.S. economy saw job creation cool sharply heading into the summer, the Bureau of Labor Statistics reported Thursday. Nonfarm payrolls for June increased by a seasonally adjusted 57,000 for the month, slower than the downwardly revised 129,000 added in May and worse than the 115,000 Dow Jones consensus forecast. The unemployment rate, however, dropped to 4.2%, and slightly ahead of the 4.1% where it was a year ago. The U.S. economy added 57,000 jobs in June and revisions subtracted a combined 74,000 jobs from the previously reported figures for May and April. The unemployment rate edged down to 4.2%. Leisure and hospitality employment declined by 61,000 in June.

Spot gold and silver prices are sharply higher after Thursday’s June employment report, as a weaker-than-expected payrolls print pressured the U.S. dollar and cooled near-term Federal Reserve tightening expectations. At the time of writing, spot gold was trading near $4,123.80 an ounce, up 2.28%, while spot silver was trading near $61.052, up 3.27% on the ...

The silver market has rallied a bit during the early part of the trading session on Thursday, as we are well above the $60 level. The jobs number coming out on Thursday, of course, has made this a very strange trading session, as the jobs report was pushed forward due to the Independence Day holiday that will technically be on Saturday, but typically, on ...