US Unemployment Falls. Silver Still Holds Its Daily Gain

The US labour market proved more resilient than expected. October’s unemployment rate fell to 4.1%, while job creation exceeded forecasts.

Stronger employment gives the Fed more room to keep interest rates elevated. The dollar and US Treasury yields rose after the release, creating a challenging backdrop for precious metals.

Silver, however, has so far held up better than gold.

According to Reuters’ afternoon update at 14:46 CET, gold was down approximately 1%, trading near $4,047 an ounce. Silver was up 0.3% at around $51.92. These are daily changes, rather than price moves measured directly from the employment release.

After the recent sharp sell-off, we find that resilience encouraging. This time, an unfavourable macroeconomic release did not prevent silver from holding its daily gain.

These are the responses we want to monitor when comparing gold and silver performance. If silver repeatedly withstands a stronger dollar, higher yields and further negative news without substantial declines, that could provide another indication that selling pressure is fading.

This does not confirm a bottom. But today, silver is showing resilience in conditions that make gains harder to sustain.