21.11.202504:32:50UTC+00Silver Falls on Fed Rate Hold Bets

Silver prices dropped below $50 per ounce on Friday, marking the second straight session of declines. This downturn comes amidst growing expectations that the US Federal Reserve will hold off on reducing interest rates in December, as policymakers grapple with economic uncertainties. The recently released US nonfarm payrolls report for September revealed mixed results: while employment growth picked up pace, the unemployment rate increased to 4.4%, its highest level in four years. This report will be the last labor market data available before the Federal Open Market Committee’s meeting next month. The Bureau of Labor Statistics has announced that it will not release the October employment figures as usual, but will instead merge them with November’s delayed report. In a cautionary statement, Federal Reserve Governor Michael Barr emphasized the need for the central bank to exercise caution regarding further rate cuts, as inflation remains above the desired target. Consequently, silver is poised to record a weekly decline of over 1%.