Silver Holds Near $66 After Strong U.S. Jobs Data

Friday’s U.S. payrolls report showed non-farm employment rose by 162,000 in August, well above expectations, while the unemployment rate held at 4.1%. Revisions to June and July added up to 55,000 more jobs than previously reported, reinforcing the view that the labor market remains resilient.

That surprise lifted the 2-year Treasury yield to about 4.37%-4.38%, the highest since January 2025, while the 10-year yield climbed to roughly 4.77%-4.78%. A stronger dollar also weighed on metals, and market pricing now implies a roughly 60%-65% chance the Federal Reserve could raise rates at its Sept. 15-16 meeting, up from about 50% before the report.

For investors, the setup keeps pressure on silver-backed funds and bullion names in the short term. The iShares Silver Trust, tracked by SLV, has been trading with elevated volatility, while silver miners such as Hecla and Pan American Silver remain sensitive to every swing in U.S. rates, the dollar and Fed expectations.

In Vietnam, retail silver stayed at a high level despite the global pullback. Phú Quý quoted silver at 2.22 million dong per tael for buying and 2.32 million dong for selling in Hanoi, while 1-kilogram bars were priced at 60.1 million-61.9 million dong. Ancarat and Sacombank also kept quotes near the same range, underscoring firm local pricing even as global bullion faces macro headwinds.

The near-term catalyst is the Fed’s Sept. 15-16 decision and any further read on U.S. inflation or labor market strength. If yields remain elevated, silver may struggle to hold recent gains; if the dollar cools or rate expectations ease, buyers could quickly return.