During the European session on Thursday, June 4th, the dollar index experienced a slight pullback, currently trading around 99.385. Spot silver is presently at $73.32 per ounce, having opened the day at $72.79. At the time of writing, the price of silver reached a high of $73.90 and a low of $72.41. Market participants are focusing on upcoming U.S. data releases including the May Challenger Job Cuts report, weekly Initial Jobless Claims for the period ending May 30th, and the May Global Supply Chain Pressure Index. Additionally, remarks from Federal Reserve official Bostic are anticipated.
Current Silver Prices (June 4, 2026)
Spot Silver: $73.32 per ounce
Silver T+D: 17,673 yuan per kilogram
Paper Silver: 15.973 yuan per gram
Shanghai Silver Main Contract: 17,730 yuan per kilogram
Market Drivers Analysis
Israel and Lebanon agreed to implement a ceasefire on Wednesday following U.S.-led talks in Washington. A joint statement indicated the ceasefire is contingent upon a complete cessation of attacks by Iran-backed Hezbollah and the withdrawal of its armed personnel from southern Lebanon. Concurrently, the U.S. House of Representatives passed a resolution seeking to prevent President Trump from taking further military action against Iran. These developments have raised hopes for an end to the three-month-long conflict involving the U.S. and Israel against Iran, prompting a mild retreat in the U.S. dollar and providing some support for the silver price.
In U.S. economic news, the May ADP employment report released on Wednesday exceeded expectations, setting a positive tone for the upcoming non-farm payrolls data on Friday. The data showed the U.S. private sector added 122,000 jobs, surpassing forecasts of 117,000 and the prior reading of 105,000, indicating continued resilience in the labor market. A similarly strong non-farm payrolls report on Friday could reinforce market expectations that the Federal Reserve will maintain its current restrictive policy stance.
As the Federal Reserve's mid-June policy meeting approaches, two Fed officials have conveyed contrasting signals regarding the future path of interest rates. Federal Reserve Bank of New York President John Williams stated that there is currently no need to raise or lower interest rates and expressed skepticism about the usefulness of forward guidance. Conversely, Dallas Fed President Lorie Logan indicated increasing concern that a rate hike may be necessary later this year.
Traders are now focused on the release of the U.S. weekly initial jobless claims data and scheduled speeches from FOMC members later in the North American session. An unexpected rise in jobless claims or dovish commentary from officials could weaken expectations for Fed rate hikes, potentially supporting silver prices. Conversely, strong data or hawkish rhetoric would likely bolster the dollar and weigh on silver.
Evening Trading Outlook for Silver
Silver maintains a short-term bearish technical structure, with its price action confined within a descending channel. Momentum indicators on the 4-hour chart support the bearish view, with the Relative Strength Index (RSI) hovering around 38 and the Moving Average Convergence Divergence (MACD) histogram remaining in negative territory.
The modest rebound observed on Thursday is capped below the previous support zone around $73.90 (the June 1st low), which now acts as resistance blocking the path toward the weekly high of $77.00 and the channel top, currently near $77.50.
Downside attempts have been temporarily limited above the session low near $72.50. Further below, a significant support zone is expected to attract selling interest, formed between the May 28th low of $71.79, the channel bottom around $71.55, and the late April low of $70.86.