Silver prices held above $89 an ounce on Wednesday, after paring earlier gains, as markets assessed U.S. economic data and its potential impact on the Federal Reserve’s monetary policy direction, following President Donald Trump’s nomination of Kevin Warsh to head the central bank.
With key labor market reports delayed this week, investors focused on private sector data. The ADP report showed weaker-than-expected job growth, reinforcing bets on a relative economic slowdown. In contrast, the ISM services index came in stronger than anticipated, indicating continued momentum in US service sector activity.