Silver Quietly Shines Again, Is It Ready to 'Go Full Throttle' on Price?

Jakarta, CNBC Indonesia - Silver prices ended the week’s trading with a solid gain. Based on Refinitiv data, silver on Friday (3/7/2026) closed at US$62.40 per troy ounce, up from US$59.16 at the close of the previous week. On a weekly basis, the increase was close to 5.5%, bringing the precious metal back to its highest level in nearly two weeks. The price journey throughout the week was gradual. After weakening to around US$58 at the start of the week, silver slowly climbed to breach US$61 on Thursday, before finally closing above US$62 on Friday. The strengthening occurred amid shifting market expectations regarding the direction of United States monetary policy. Investor attention this week was focused on US employment data. The nonfarm payrolls report recorded an addition of 57,000 jobs during June, lower than market forecasts which were around 110,000. This figure represents the slowest job growth in the last four months. The data prompted market participants to recalculate the odds of the Federal Reserve’s next move. Based on the CME FedWatch Tool, the probability of an interest rate hike in September fell to around 50%, lower than before the labour data was released. Such conditions typically provide room for precious metals to move more steadily as pressure from interest rates begins to ease. At the same time, the US dollar weakened and recorded its largest weekly decline since April. The softer dollar helped sustain interest in precious metal assets, including silver, which historically tends to move inversely to the currency. Comments from Federal Reserve Governor Kevin Warsh also drew market attention. He noted that inflation expectations continue to move more moderately, while reaffirming the central bank’s commitment to maintaining price stability. The statement came as market participants were seeking clues about the direction of monetary policy in the coming months. Despite the rally this week, silver’s price position remains below its level from a month ago. However, compared to the same period last year, the increase is still close to 69%. This indicates that the metal’s long-term trend remains relatively strong, even though volatility in recent weeks has been quite high. Silver’s next movements will continue to be influenced by developments in US economic data, particularly indicators related to inflation and the labour market. As long as expectations for monetary policy easing persist, there is still room for silver prices to strengthen, although movements are expected to remain volatile.