Suzhou GoodArk Delays Silver Paste Project Amid Industry Slowdown

[SMM Silver Express] U.S. nonfarm payrolls increased by 172,000 in May, exceeding market expectations, while payroll gains for March and April were revised upward by a combined 93,000. Following the data release, the U.S. Dollar Index climbed above the 100 mark and the benchmark 10-year U.S. Treasury yield rose to 4.52%, as expectations for Federal Reserve rate cuts weakened. Meanwhile, U.S. technology and AI-related stocks broadly declined, with semiconductor shares leading losses and risk assets coming under pressure. Against the backdrop of a stronger U.S. dollar, higher Treasury yields, and weaker market risk appetite, precious metals experienced broad-based selling. Spot silver fell below the US$70/oz level during the session and ultimately closed down 8.11% at US$67.88/oz.

[SMM Precious Metal Express] Fed Chairman Warsh appointed two conservative advisors, reinforcing hawkish bias. Fed official Hammack stated that action may be needed soon to address high inflation. Market expectations for a rate hike this year have further intensified, putting near-term pressure on precious metal prices.