Silver Price Forecast: XAG/USD gains near $61.00 as Fed rate hike odds decline - www.tmgm.com

AI desk brief

Silver (XAG/USD) is trading near $61/oz, supported by softer US jobs data that reduced expectations for additional Fed tightening. Markets now see a 77.9% chance the Fed leaves rates unchanged at the October meeting, up from 74% before the payrolls release, after September nonfarm payrolls rose only 29,000 versus 90,000 expected and unemployment edged up to 4.2%.

The article also cites renewed safe-haven support from deteriorating Middle East tensions, including conflict around the Bab el-Mandeb chokepoint. TD Securities says recent yield backup was driven by higher Fed pricing, growth expectations and oil, but now believes rates should “breathe a sigh of relief” as that pressure eases.