Silver Price Forecast: XAG/USD rebounds above $77.00 amid market caution
Silver price gains on safe-haven demand amid traders’ caution ahead of key US jobs data.
The dollar-denominated Silver may face pressure as the USD strengthens after the US weekly labor market data.
The grey metal remains set for a weekly gain above 6%, supported by escalating geopolitical tensions.
Silver price (XAG/USD) edges higher after two days of losses, trading around $77.20 per troy ounce during the Asian hours on Friday. The prices of the precious metals, including Silver hold ground as traders adopt caution ahead of key US jobs data amid elevated geopolitical tensions.
Traders await the US Nonfarm Payrolls (NFP) report, which is expected to offer further insight into labor market conditions and the Federal Reserve’s (Fed) policy outlook. December NFP is forecast to show job gains of 60,000, down from 64,000 in November.
The dollar-denominated Silver could face further challenges as the US Dollar (USD) strengthens following the release of US weekly labor market data. The US Department of Labor (DOL) reported on Thursday that Initial Jobless Claims rose modestly to 208,000 in the week ended January 3, slightly below market expectations of 210,000 but above the previous week’s revised 200,000.
Meanwhile, the grey metal remains on track for a weekly gain of over 6%, underpinned by rising geopolitical tensions that have boosted safe-haven demand. President Trump warned of a forceful response to any Iranian violence against protesters, following recent US actions in Venezuela and threats to use military force to seize control of Greenland.
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