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Silver Price Movements Remain Weak / Economists Expect Data From The U.S. Monthly Employment Report To Be Good

Silver Price Movements Remain Weak

Against the background of the slight decline in US dollar and U.S. Treasury yields, the price of silver failed to receive any boost and moved towards the $23.89 level. The U.S. jobless claims data hit a record low since the epidemic. In addition, investors are focusing on the August non-agricultural employment report released on Friday, hoping to get a signal about the Fed’s reduction in debt purchases. The market did not dare to make a big bet. Prompted precious metals are still unable to meet the recovery trend. The difference between silver and gold is that it has industrial demand, but according to the current forecast that demand is beginning to weaken, the demand for silver is likely to fall apart.

Economists Expect Data From The U.S. Monthly Employment Report To Be Good

The latest report released by the U.S. Department of Labor on Thursday showed that the number of people claiming for unemployment benefits in the week of August 28 was 340,000, which dropped to the lowest level since the week of March 14, 2020. This is the labor market's gradual progress from the new crown epidemic. Another sign of improvement, previously expected 345,000 people, the previous value of 353,000. On Friday, the US Department of Labor will release its monthly employment report, which will show the performance of the US labor market in September. Economists predict that the number of new jobs in the United States last month was 720,000, and the unemployment rate will fall from 5.4% to 5.2%.

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