Silver Prices Hold Above $31.00 as Markets Await US NFP Data

Key Facts

Silver prices XAG/USD are currently trading above the critical $31.00 per ounce technical support level as market participants await the release of US Non-Farm Payrolls (NFP) data. The metal's stability follows a period of reduced geopolitical tension linked to the ongoing US-Iran ceasefire, though analysts at TD Securities remain cautious about the sustainability of current levels. A slight 0.15% decline in the US dollar index has provided some support, yet the focus remains on whether silver can maintain its footing above key technical thresholds. Central bank demand, particularly from China, continues to underpin the market as investors restructure their portfolios ahead of the labor report. The upcoming employment data is expected to be a primary driver for the dollar's trajectory and silver's immediate price action.

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