International silver prices hold steady at a seven-week high, supported by both rate cut expectations and industrial demand

(1) International silver prices held steady above $63.5 per ounce on Monday, reaching the highest level in seven weeks, as the market believes the possibility of a Federal Reserve rate hike this year has decreased. (2) July's nonfarm employment unexpectedly declined, with a reduction in the labor force population, weakening bets on further rate hikes; oil prices remain well below this year's peak following the Iran conflict, easing energy inflation pressures and further supporting this expectation. (3) Expectations that financial conditions will not tighten significantly have reduced the opportunity cost of holding non-interest-bearing assets, which is favorable for precious metals.