Silver has moved in step with gold, with industrial demand acting as a stabilizing force. According to the World Silver Survey, roughly 55% of global silver consumption is tied to industrial use, linking sentiment to manufacturing activity and energy-transition investment, even as speculative enthusiasm cools.
US Data and NFP in Focus
Attention now shifts to a heavy US data calendar, led by Nonfarm Payrolls, forecast at 51K, sharply lower than the previous 119K. The unemployment rate is expected to rise to 4.5% from 4.4%, while average hourly earnings are seen at 0.3% m/m, up slightly from 0.2%.
A softer labor print would reinforce expectations that US labor momentum is fading, likely pressuring the dollar and supporting gold and silver via lower real yields. Retail sales are forecast at 0.1% m/m, down from 0.2%, while flash PMIs are expected to edge lower, pointing to moderating economic activity.
Structural Support Remains Intact
Beyond near-term data risk, structural drivers remain supportive. The World Gold Council reports that central bank gold buying remains well above the five-year average, while silver markets continue to face persistent supply deficits due to limited mine growth and rising demand from solar and electronics.
Overall, precious metals appear to be digesting gains ahead of key US data, not signaling a trend reversal, with macro and policy dynamics still favoring medium-term support.
Short-Term Forecast
Gold may consolidate between $4,260–$4,320, while silver trades sideways near $63.0–$64.5, with pullbacks viewed as corrective unless key supports break.