Post-holiday silver prices fell to consolidate at lows, with nonfarm payrolls shock and hawkish minutes in a tug of war [SMM Silver Weekly Review]
[SMM Silver Weekly Review: Silver Prices Consolidate at Lows After Post-Holiday Catch-Up Decline as Weak Nonfarm Payrolls Clash with Hawkish Fed Minutes] On the first trading day after the holiday, silver prices played catch-up to the downside. The most-traded SHFE silver contract fell 2.16% to 14,605 yuan/kg, while COMEX silver broke below $60. The US Fed's September minutes leaned hawkish, the dollar broke above 102, and US Treasury yields hit multi-year highs, continuing to pressure prices. However, the surprisingly weak nonfarm payrolls data marginally cooled rate hike expectations, while central bank gold purchases and ETF inflows provided mid-term support. Spot inquiry activity improved, with transactions leaning toward parity. In the short term, prices are likely to consolidate at lows as the market repairs, with attention on CPI data and US Fed speeches for guidance.