The price of silver tumbled down during last week. As a result, silver fell below $19 for the first time in nearly a year. This week, the non-farm payroll report and the ECB rate decision could stir up the precious metals market. Let’s examine how the upcoming news items may impact the silver market.
The price of silver declined by 3.6% during last week. Moreover, several silver related investments also decreased last week: iShares Silver Trust (SLV) and Silver Wheaton (SLW) fell by 3.1% and 3.6%, respectively. Looking forward, the progress of the U.S economy, and the direction of the U.S dollar could be among the factors affecting the price of silver. Let’s start with the upcoming non-farm payroll report.
U.S labor market and silver
On Friday, the U.S non-farm payroll report will be published. In the last report, 288,000 jobs were added during April, which was higher than anticipated. The table below presents the changes in the price of silver, USD/Yen and the growth in jobs.
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