Silver prices have slipped below $50, extending a multi-day losing streak as expectations solidify that the Federal Reserve will keep interest rates unchanged in December. Despite strong hiring reflected in the latest NFP release, the U.S. unemployment rate has climbed to its highest level in four years. With October employment data now being merged into the postponed November report, the labor market picture remains incomplete. Overall, the metals market appears set for a weekly loss of more than 1%.

Market sentiment turned more bearish on Friday as traders further reduced the likelihood of a Federal Reserve rate cut in December, contributing to silver’s decline below the $50-per-ounce threshold. Although September hiring strengthened, the rise in unemployment to 4.4% — the highest in four years — highlighted underlying labor-market fragility. The delayed nonfarm payrolls data created a mixed and less-than-reassuring backdrop for investors.

Because the Bureau of Labor Statistics will combine October and November figures into a single December release, September’s numbers now stand as the final labor indicator before the upcoming Federal Open Market Committee meeting. Federal Reserve Governor Michael Barr emphasized the need for cautious policy decisions, stressing that inflation remains above target. His remarks reinforced a more guarded market tone.

With concern over persistent inflation, higher unemployment, and fading expectations for rate cuts, silver is on track to record a weekly decline of more than one percent. The combination of uncertain labor dynamics and steady U.S. interest-rate expectations continues to exert downward pressure on the metal.