Silver futures slip to $58.78 as weekly decline reaches 7%

Silver futures declined on Monday, with September contracts opening at $59.30 per ounce, down 0.6% from Friday's close of $59.67, and sliding further to $58.78 by 8:17 a.m. ET. The metal has now fallen 7% from last week's opening price of $63.85, extending a bearish trend that has gathered pace over the past seven days.

The drop in silver prices comes amid a broader pullback in precious metals, as traders reassess the macroeconomic outlook ahead of key data. The June jobs report, due Thursday, is expected to show additional job gains and a stable unemployment rate, which could give the Federal Reserve more room to focus on controlling inflation without immediate pressure to cut rates. Higher-for-longer interest rates typically weigh on non-yielding assets like silver, as they increase the opportunity cost of holding them. On NowPrice, live silver charts and prices reflect the market's reaction to these shifting expectations, with the metal testing support near the $58.50 level.

Looking ahead, traders will closely watch the jobs report for any signs of labor market softening that could alter the Fed's policy path. A weaker-than-expected reading might reignite rate-cut hopes and support silver, while a strong report could push prices lower. Key support is seen around $58.00, with resistance at $60.00. The weekly decline has already erased gains from earlier in June, and the direction for the rest of the week hinges on the employment data.