Later in the week, comments from Fed member John Williams revived near-term easing expectations, pushing December cut odds back above 70%. Treasury yields softened, helping silver stabilize when intraday pressures deepened, though traders remained cautious.
Labor Data Adds Complexity
The delayed September nonfarm payrolls report showed 119,000 new jobs versus expectations near 50,000. While revisions trimmed prior months, the headline signaled that hiring is slowing but not cracking. The stronger print initially weighed on silver as yields firmed and the dollar strengthened ahead of the release.
After the report, yields eased only modestly — not enough to spark a sustained bid — leaving silver rangebound as traders reassessed the rate backdrop.
Gold Fails to Provide Consistent Support
Gold spent much of the week moving without conviction, caught between softer yields and a firmer dollar. This uneven behavior limited spillover buying for silver. Brief stretches when gold firmed despite dollar strength did help silver early in the week, but those moves faded once labor data reset expectations.