Silver prices held steady around $29.50 per ounce on Monday as investors took a cautious stance ahead of key US economic data that could influence the Federal Reserve's monetary policy direction.
Silver prices hold steady ahead of key data
Among the most anticipated reports is the monthly US jobs report, set to be released on Friday. This report could provide valuable insights into whether silver prices will continue to rise or face further pressure.
The white metal also found some support from positive economic signals in China, the world's largest consumer of silver. Beijing recently committed to implementing "more proactive" macroeconomic policies, including lowering interest rates this year to stimulate economic growth. This will foster greater demand for silver in industrial and consumer applications.
China’s services growth boosts optimism for silver outlook
Moreover, data showed that China’s services sector grew at its fastest pace in seven months in December, highlighting resilient consumer spending and further bolstering optimism for silver's outlook in the near term.
