Silver price edged higher after the weak labor data initiated the dovish sentiment surrounding the Fed. US Initial Jobless Claims surged to over 8-month highs to 231K, surpassing estimates of 210K. Silver cheers safe-haven demand amid a stalemate in ceasefire negotiations in the Middle East. The increase in the value of the grey metal can be attributed to the latest employment data from the United States , which supports a more accommodative monetary stance by the Federal Reserve .
Furthermore, traders will closely monitor next week's CPI and PPI releases for further insights into the Fed's monetary stance, given reservations expressed by some Fed officials about easing. On the geopolitical front, Silver experienced heightened safe-haven demand amidst a deadlock in ceasefire negotiations in the Middle East. Israeli forces mobilized tanks and engaged in gunfire near populated areas of Rafah on Thursday.