Shanghai Silver Futures Drop Over 8% on June 8 as U.S. Nonfarm Payrolls Beat Expectations

XAG-2.47%
XAU-1.04%
According to Jin10, precious metals futures on the Shanghai Exchange fell sharply on June 8 after stronger-than-expected U.S. May nonfarm employment data fueled expectations for higher interest rates. Shanghai Silver dropped over 8%, Shanghai Tin fell over 5%, and Shanghai Gold declined over 3%. U.S. nonfarm payrolls added 172,000 jobs versus market expectations of 85,000, while unemployment held at 4.3%. The data pushed the U.S. Dollar Index above 100 and lifted the 10-year Treasury yield to 4.54% and 30-year yield above 5%, increasing the opportunity cost of holding interest-free assets like gold.
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