Silver Rallies to Near $63 as Weak US Jobs Data Fuels Dovish Bets and Sixth Year of Deficit Tightens
Published on 07/03/2026 at 19:46 | Redaktion boerse-global.de
After shedding more than 10% in June and scraping a low around $55.60, silver staged a dramatic rebound on Friday, vaulting past the $62 mark to trade close to $63. The trigger came from a US jobs report that tore up the script on interest rate expectations, while an entrenched supply deficit—now in its sixth consecutive year—kept the metal’s fundamental backdrop tight.
The US economy added just 57,000 new positions in June, barely half the gain analysts had penciled in. To make matters worse, the Bureau of Labor Statistics revised away a combined 74,000 jobs from the prior two months, effectively putting the brakes on the labor market narrative that had been fuelling rate-rise fears. Market odds of a September rate hike promptly slumped below 50%, sending bond yields and the dollar lower. Precious metals, which thrive in a low-yield environment, surged in response — silver’s rally was amplified by its industrial applications and thinner liquidity.
Beneath the macro-driven spike, the white metal’s structural story remains one of chronic scarcity. The Silver Institute estimates a 46 million ounce deficit for 2026, the sixth straight year of undersupply. Mine output is largely stagnant, because most silver is a by-product of copper and zinc extraction, making it hard to ramp up quickly. Although recycling has hit a multi-year high, it still falls well short of covering the gap.
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On the demand side, solar manufacturers slashed silver usage per module by almost a fifth last year, pulling consumption from that sector down to 151 million ounces. But that lost demand is being recouped from other corners: the booming electric-vehicle industry and the semiconductor wave driven by data-centre construction are both absorbing more silver. Meanwhile, exchange-traded products are tightening the physical market even further; Metals Focus expects net inflows of around 30 million ounces this year, following record purchases in 2025.
The combination of a liquidity crunch and a policy pivot has drawn fresh attention to physical delivery mechanisms. The Abaxx Exchange recently launched Silver Singapore futures, designed to guarantee supply of high-purity silver for Asia’s technology sector. That product underscores how acutely the market is pricing in the risk of a squeeze.
Technically, silver’s climb above $62 broke a major resistance level, and the next target on the bulls’ radar is the $70 mark. But the rally’s staying power will hinge on incoming US inflation figures. If price data also come in soft, it would cement the case for a less restrictive Federal Reserve and give the metal a fundamental foundation to hold its newly won ground.
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