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Silver holds above $61.30 after bounce from two-month lows

The move followed a mild pullback in US Treasury yields after softer US labor data, but silver remained below the $62.40 resistance area.

Reported · Written up by our desk · Major Pairs

Silver (XAG/USD) traded above $61.30 in Monday’s early European session after rebounding from two-month lows around $59.70 set on Friday, FXStreet said.

FXStreet linked the rebound to a mild pullback in US Treasury yields after soft US labor data released Friday, citing a slowdown in September employment creation and an unexpected rise in the unemployment rate.

The report said the data effectively supports expectations that the Federal Reserve will pause its monetary tightening in October, which pressured near-term yields lower and gave precious metals some breathing room.

However, FXStreet added that higher borrowing costs globally persist amid concerns that high oil prices will keep inflation pressures elevated, and it said silver’s upside is likely capped as it remains below the $62.40 resistance area.

Latest closeSilver $60.71 ▼0.0%

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