XAG/USD RISES TO NEAR $32.60 AS USD CORRECTS AHEAD OF US NFP
XAG/USD RISES TO NEAR $32.60 AS USD CORRECTS AHEAD OF US NFP
Silver (XAG/USD) has risen to approximately $32.60 during European trading hours on Friday, as the US Dollar (USD) experiences a correction ahead of the upcoming US Nonfarm Payrolls (NFP) report.
The US Dollar Index (DXY), which tracks the USD against six major currencies, has retraced to near 99.90 from a two-week high of 100.37, making silver more attractive to investors.
The US NFP report, scheduled for release at 12:30 GMT, is expected to show that the economy added 130,000 jobs in April, a decrease from March's 228,000.
The Unemployment Rate is anticipated to remain steady at 4.2%.
Investors are closely monitoring the NFP data, as it will influence expectations regarding the Federal Reserve's monetary policy outlook.
Strong labor market data could lead to speculation about the Fed maintaining current interest rates.
Easing US-China trade tensions have reduced demand for silver as a safe-haven asset.
A resolution in trade disputes could increase industrial demand for silver, supporting its price.
