Yesterday’s trading session saw a little decrease in silver prices of -0.09%, ultimately closing at 82878. Fresh expectations of imminent rate reduction by the Federal Reserve, stoked by the US jobs growth that was less than anticipated, were blamed for this decline.
Following remarks made by Fed officials that suggested a possible change in the Fed’s monetary policy stance, the possibility of rate decreases gained traction. The events in the Middle East conflict, with particular emphasis paid to ceasefire ideas and the ongoing hostilities between Israel and Hamas, further impacted market sentiment.
As recent US economic statistics for April showed a struggling economy battling the Fed’s tight interest rate regime, talk of Fed rate reduction intensified. The US Nonfarm Payrolls (NFP) data showed softer labor market conditions, including fewer job gains, a higher unemployment rate, and slower pay growth.
This view was reinforced by the Fed President’s remarks, which emphasized how difficult it will be to meet the Fed’s 2.0% inflation target given the current levels of interest rates.
