Spot silver fell 3.2% to $68.97 an ounce, after falling 19.1% in the previous session. Earlier in the day, the stock fell as much as 10%, trading below the $65 level and hitting a more than half-month low.MSCI’s global equity index fell more than 1% on Thursday as concerns over the huge costs of the artificial intelligence boom mounted, while US Treasuries were in demand after weak labor market data and silver in the commodities sector took another hit. [MKTS/GLOB][US/]
The US dollar hit a two-week high on Thursday as new volatility gripped stocks. [USD/]
Job openings, a measure of labor demand, fell by 386,000 on the last day of December to 6.542 million, the lowest level since September 2020, the Labor Department’s Bureau of Labor Statistics said Thursday in its Job Openings and Labor Turnover Survey (JOLTS report).
Weakness in the labor market generally strengthens the case for interest rate cuts aimed at supporting job creation. Investors expect at least two rate cuts of 25 basis points in 2026, with the first expected in June. Non-yielding precious metals tend to do well in low interest rate environments. [FEDWATCH]
In geopolitical news, the White House said diplomacy is President Donald Trump’s first choice in dealing with Iran and that he will wait to see if a deal can be reached in high-stakes talks. The White House also warned that he has military options at his disposal.
Platinum fell 3.6% to $1,916.45 an ounce after hitting a record high of $2,918.80 on Jan. 26, while palladium rose 1.3% to $1,638.25.
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