Silver prices surged to the upper end of their weekly range, trading around $61.15 on Thursday, marking a gain of nearly 3.50% for the day. This rise came as the US Dollar weakened, falling to a two-week low following weaker than expected US Nonfarm Payrolls data.
According to FX Street, the disappointing payroll figures triggered a decline in the dollar, which in turn supported precious metals like silver. The softer dollar tends to make silver more attractive to investors, boosting demand and pushing prices higher.
For Japanese markets, where safe-haven assets and commodities often react to US economic data, this movement highlights the ongoing sensitivity to US labor market signals and currency fluctuations impacting FX and commodity trading strategies.