Silver Price Slides to Near $36.00 Amid Modest US Dollar Strength

Silver Price Slides to Near $36.00 Amid Modest US Dollar Strength

The price of Silver (XAG/USD) fell to approximately $36.10 during Wednesday's Asian trading session, reflecting modest gains in the US Dollar. The USD saw renewed strength after Tuesday’s better-than-expected labor market data, particularly the JOLTS job openings report.

Strong US Job Data Boosts the Greenback

According to the latest statistics from the US Bureau of Labor Statistics, job openings jumped to 7.76 million in May, well above market forecasts of 7.3 million and up from 7.395 million in April. This surge in employment demand reinforced confidence in the US economy, supporting the Dollar and applying downward pressure on Silver prices.

Traders Eye ADP Employment Report for Clues

Market participants now await the ADP Employment Change report for June, which is expected to provide further insight into labor market conditions and possibly influence short-term direction for Silver and USD.

Geopolitical Risks Still Provide a Safety Net

Despite short-term weakness, Silver remains supported on the downside by persistently high global uncertainty and geopolitical threats, which maintain demand for safe-haven assets.

Read more about Precious Metals Forecasts
Follow daily USD Performance Updates