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Silver rises near $61.80 as Fed rate-hike bets cool

XAG/USD gained 2.3% in European trading after US jobs data showed 29K new roles for September.

Reported · Written up by our desk · Major Pairs

Silver futures rose in European trading, with XAG/USD up 2.3% to near $61.80 on Monday, as traders scaled back expectations for Federal Reserve interest rate hikes, according to FXStreet.

FXStreet cited US labor market data for September, including 29K fresh jobs added, an unemployment rate rising to 4.2% from an expected 4.1%, and the CME FedWatch tool showing odds of a rate hike later this month falling to 19.4% from 70.9% a week earlier.

The outlet said the shift reduced the appeal of higher-for-longer Fed expectations, which can support demand for non-yielding assets like silver. FXStreet also noted Deutsche Bank expects the labor market picture to remain steady and still projects two additional 25 basis point Fed hikes over the next couple of quarters.

Latest closeSilver $60.71 ▼0.0%

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