Silver Price Forecast: XAG/USD rallies on strong US jobs, weak Dollar
Silver (XAG/USD) trades around $80.70 on Friday at the time of writing, up 2.98% on the day, supported by a weaker US Dollar (USD) and persistent demand for safe-haven assets amid heightened geopolitical tensions. The United States (US) Bureau of Labor Statistics (BLS) reported that Nonfarm Payrolls (NFP) increased by 115K in April, beating market expectations of 62K. Marchs figure was also revised higher to 185K from 178K previously reported. The Unemployment Rate remained steady at 4.3%, while annual wage growth accelerated to 3.6%, although it came in below expectations of 3.8%. Despite the stronger-than-expected labor market data, the US Dollar weakens as markets focus on optimism surrounding a potential agreement between Washington and Tehran and improving risk sentiment across Equity markets. At the same time, investors remain focused on developments in the Middle East after reports of new military strikes near the Strait of Hormuz. According to US and Iranian media outlets, explosions were heard in the region as exchanges of fire between the US and Iran continue to fuel fears of a broader escalation. This backdrop continues to support precious metals, with Silver benefiting both from its safe-haven appeal and from the weakness of the US Dollar, which increases the attractiveness of