Silver rises to $25.80 as US$ slips on steady job openings

The price of silver jumped to $25.80 on Tuesday after the United States Bureau of Labor Statistics (BLS) reported steady JOLTS job opening figures for February.

US employers posted 8.756 mln, against expectations of 8.74 mln, and the former release of 8.748 mln, indicating that the labour demand is steady.

The market sentiment is downbeat as the S&P 500 opened on a negative note.

Easing Federal Reserve rate cut expectations for the June meeting has turned investors risk-averse. The 10-year US Treasury yields soared to 4.40%, and the US Dollar Index (DXY) dipped to 104.70 after refreshing a four-month high at 105.10.

The Dollar struggles to maintain strength despite the upbeat US manufacturing PMI for March, which has strengthened the US economic outlook further. The Institute of Supply Management (ISM) reported that the manufacturing PMI landed above the 50.0 threshold for the first time after contracting for 15 straight months.

This week, investors will focus on the US non-farm payrolls (NFP) data for March, which will be published on Friday. The labour market data will provide fresh cues about when the Fed will start cutting interest rates.

(Source: OANDA)