The metal has come under pressure from expectations that the U.S. Federal Reserve is set to hike interest rates this year, potentially lifting the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. In economic news, a report from payroll processor ADP on Wednesday showed stronger than expected private sector job growth in September, reflecting strong job growth at large businesses. The upbeat jobs data could be a catalyst for the Fed to move towards a hike in interest rates with focus now on Friday's employment data, despite some persistent global economic headwinds led by China.
Silver trading range for the day is 34086-35230.
Silver prices dropped as optimistic U.S. employment data bolstered hawkish arguments for an interest rate hike by the U.S. central bank.
Data showed U.S. companies hired workers at a solid clip in September, adding a more-than-expected 200,000 jobs.
Holdings at ishares silver trust gained by 0.36% i.e. 35.61 tonnes to 9907.38 tonnes from 9871.77 tonnes.
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