Silver prices bounces off daily lows at $22.59 and climbs more than 1.
Silver prices rebounded sharply, trading at $23.17, buoyed by a softer U.S. labor market report. October's Nonfarm Payrolls and cooling wage growth hint at a less aggressive Fed, boosting XAG/USD. The dip in U.S. Treasury yields further enhances silver's attractiveness as a non-yielding asset. 89% after the US Department of Labor , revealed the US economy added fewer employees to the workforce than expected.
Consequently, the fall in US Treasury bond yields underpins the grey’s metal appeal. The US 10-year benchmark note rate sits at 4.55%, down 10 basis points on Friday, so far down 17 bps in the week, a tailwind for the XAG/USD In the next week, the US economic calendar is light, with the release of the Balance of Trader, unemployment claims, and the University of Michigan Consumer Sentiment.
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