Silver Gains on Softer Fed Outlook

Silver prices extended gains for a third day, rising above $60.20 per troy ounce during Asian trading. The move was attributed to a less hawkish than expected tone from a Federal Reserve official, which put downward pressure on the US Dollar and supported precious metals.

Markets Await US Employment Data

A sense of caution settled over financial markets, with many currency pairs and the US Dollar Index trading in narrow ranges ahead of the key US Nonfarm Payrolls (NFP) report. Traders appeared hesitant to take on significant new positions before the release of the June jobs data, which is anticipated to provide fresh guidance on the economy's direction.

Key Currency and Economic Data Points

In other market developments, Australia reported a surprising shift to a trade deficit of A$3,018M in May, though the Australian Dollar held its ground following the announcement. Meanwhile, persistent concerns about potential currency intervention by Japanese authorities to support the Yen continued to influence trading, with sources suggesting a change in tactics from officials.