On Wednesday (June 3), during the Asian session, spot silver stayed under pressure and fell below $75. U.S. job openings data beat expectations, and rising inflation concerns from higher energy prices prompted markets to reassess the odds of a Fed rate hike this year. Analysts said the direction of U.S.-Iran talks remains unclear, and uncertainty over shipping recovery in the Strait of Hormuz also persists, so spot silver is likely to remain range-bound in the short term.
1. U.S. Jobs Data Explained
The U.S. Department of Labor released its April Job Openings and Labor Turnover Survey (JOLTS): job openings totaled 7.62 million, above March's 6.89 million and far above the market forecast of 6.87 million; roughly 500,000 more than in April 2025.
By industry, job openings rose in professional and business services, while openings in finance and insurance declined.
Industry analysts believe strong labor data will pressure silver prices. The resilient labor market gives the Fed room to prioritize inflation control, further raising the odds of a rate hike before year-end.
Detailed data show April hiring at 5.1 million, with the hiring rate easing to 4.6% and little month-on-month change; quits totaled 3 million, and layoffs and discharges 1.7 million, both roughly unchanged from the prior month.
2. Spot Silver Market Analysis
The gold-silver ratio has fallen below 59.50, lifting silver prices slightly. The decline in the ratio also suggests market risk appetite has recovered somewhat, despite higher oil prices.
Technical Analysis
Spot silver is now trying to hold above the 50-day moving average at $76.08:
- Resistance: If prices hold firmly above $76.08, the next target is $78.00-$79.00; a decisive break above $79.00 would open a further move toward $85.00-$86.00.
- Support: If silver falls below $74.00, it could test the strong support zone at $71.00-$72.00; sustained trading below $71.00 may pull prices toward $65.00.
Overall, given geopolitical uncertainty, spot silver is still mainly range-bound in the short term.
