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Silver rises as a weaker dollar lifts XAG/USD
XAG/USD was last up 0.7% near $65.70, with the US Dollar Index near 99.45 as investors watch Friday’s Nonfarm Payrolls.
Silver extended its rebound on Thursday, trading about 0.7% higher near $65.70 during the European session, as the US dollar weakened further.
FXStreet linked the move to softer US private-sector job demand, citing ADP’s report of 38K new jobs in August, below both the 47K estimate and the prior 46K reading, which also leaves investors focused on upcoming Nonfarm Payrolls data.
The report noted the US Dollar Index, which tracks the greenback versus six major currencies, was near Wednesday’s low around 99.45, while a pullback in Treasury yields supported non-yielding assets like silver.
On the technical side, XAG/USD was described as holding above the 20-day EMA near $65.50, with a resistance zone at the August high of $71.12.
Latest closeSilver $65.91 ▲2.0%|Dollar index 99.58 ▼0.1%