Silver tops $61 after weak US jobs report

By 9:01 a.m. Vietnam time, spot silver was quoted at $61.25 an ounce, after trading between $60.24 and $61.80, according to Kitco. In Vietnam, 99.99 silver prices also firmed, with VME listing Hanoi at 1.821 million dong a tael bid and 1.889 million dong offered, while Phu Quy, Ancarat and Sacombank-SBJ all posted higher retail levels for bars and bullion.

The market reaction, however, remains fragile. US 10-year Treasury yields are still near their highest levels since 2002, a headwind for precious metals even after the payrolls disappointment. Traders now see roughly an 80% chance the Fed holds rates steady this month, but expectations for another hike in December remain close to 69%, suggesting the labor report has reduced but not erased policy uncertainty.

That tension explains why silver’s rally has been sharper in the short run than convincing on trend. Silver briefly spiked to $62.09 after the payrolls release before easing to close around $60.37, with one technical read of the session showing a $2.40 intraday swing as Treasury yields fell first and then reversed. The metal’s sensitivity to rate expectations means the next leg likely depends on whether bond markets continue to back away from tighter policy or resume pricing in higher-for-longer rates.

For investors, the key question is whether this is a durable macro turn or just another short-covering bounce in a market that has already seen heavy volatility. Shares of silver miners and related exchange-traded funds tend to amplify spot moves, so a sustained break above recent resistance could draw fresh flows. But if yields stay elevated and the dollar remains firm, silver’s industrial demand backdrop may not be enough to offset the macro pressure. Traders will be watching the next batch of inflation data and Fed guidance for confirmation.