- Solid US employment data augmented speculations for further Fed tightening.
- The US Dollar remains bolstered by high US Treasury bond yields, which weigh on Silver prices.
- US Nonfarm Payrolls eyed, as Fed officials forecasted a jump in the Unemployment Rate to 4.6% in 2023.
Silver price extended its losses for the second consecutive day after hitting a nine-month high around $24.54 on Tuesday, plunging more than 2%. Robust labor market data in the United States (US) increased speculations for further tightening by the Federal Reserve (Fed), as shown by US Treasury yields rising. Therefore, the XAG/USD is trading at $23.20 after hitting a daily high of $23.91.
US employment data dampened traders’ mood. Private hiring increased in December, as the ADP Employment Change report showed the US economy added 2345K jobs crushing estimates. Some minutes following the release, the US Department of Labor (DoL)…
