Silver fell -1.06% to 92,357, as strong US labor market data eased the prospect of aggressive rate cuts by the Federal Reserve. The U.S. Labor Department said the economy added 254,000 jobs in September, significantly beating expectations, while the unemployment rate fell to 4.1% from 4.2%.
These strong jobs dampened market expectations for more monetary easing by the central bank, signaling a slowdown in the economy and easing concerns about a potential recession.
Meanwhile, India’s silver imports have almost doubled this year due to rising demand from solar panel and electronics manufacturers, with investors viewing silver as a better return than gold. In the first half of 2024, India imported 4,554 MT of silver,
On the technical front, silver is undergoing long liquidation, with open interest down -0.64% to 25,605 contracts. The market has immediate support at 91,455, and upcoming economic data releases and market sentiment will be important in determining silver’s next move.
