Silver extended its gains today, climbing to around $64.30 per ounce for the first time in five weeks, as investors await US labor market data and assess its potential impact on expectations for Federal Reserve monetary policy.

The rally has been supported by signs of a slowing US labor market, strengthening expectations that the Federal Reserve could adopt a more accommodative monetary policy in the coming period. Weaker-than-expected employment data could reinforce these expectations and put downward pressure on Treasury yields and the U.S. dollar, which typically supports precious metals. Conversely, stronger data could reduce expectations for interest rate cuts and trigger some profit-taking in silver.

From a broader perspective, silver also continues to benefit from strong industrial demand, particularly as investment expands across artificial intelligence infrastructure, solar energy, power grids, and advanced electronics. This provides an additional source of support for the metal alongside investment demand.

From a technical perspective, silver’s break above $63.29, followed by a four-hour close above this level, represents the first positive technical signal for silver since June 2026 and opens the door to the possibility of further upside in the period ahead.