Silver On MCX Settled Down -0.83% At 39173

Silver on MCX settled down -0.83% at 39173 as higher-than-expected jobs numbers increased the chance of the Federal Reserve hiking rates this year.

Nonfarm payrolls rose by 312,000 in December, well above forecasts, while the jobless rate unexpectedly rose as more people looked for jobs during the holiday season.

The upbeat data is likely to give the Fed a reason to increase interest rates, which helps increase demand for the U.S. dollar and lowers investor appetite for bullion.

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