Silver Surges to Three-Year Highs Despite Upbeat US Jobs Report

Silver prices experienced a sharp rally, ending the week with gains of nearly 10% and reaching three-year highs, reminiscent of levels last observed in June 2021. As of the latest update, XAG/USD is trading at $27.45 per troy ounce, marking a gain of over 2%.

Despite the release of an optimistic US jobs report, which could potentially postpone the Federal Reserve’s decision to reduce rates in its June meeting, the precious metals market remained undeterred.

Market participants adjusted their expectations, reducing the likelihood of a quarter-percentage-point rate cut in June, although July remains a possibility. Silver mirrored the trajectory of Gold, even as the latter soared to all-time highs.