Spot silver traded in a wide band on Friday, October 2, as the U.S. September employment report landed. Kitco's 24-hour chart shows the metal opening near 61 dollars an ounce, climbing toward 62 dollars after the data release, then sliding to roughly 59.60 dollars in the New York morning before recovering.

The chart overlays three sessions. The September 30 New York close of 60.289 dollars and the October 1 close of 60.065 dollars sit within a narrow 60 to 61 dollar range, while Friday's trace shows the largest swing of the three. Silver has been moving within a few dollars of 60 for the week.

Nonfarm payrolls rose 29,000 in September against estimates clustered between 88,000 and 90,000, and the unemployment rate rose to 4.2 percent, according to the Kitco report. Average hourly earnings rose 0.1 percent on the month and 3.0 percent from a year earlier. July and August payrolls were revised lower by a combined 60,000 jobs.

In early U.S. trading Kitco reported spot silver at 61.75 dollars an ounce, up 1.45 percent on the session, and spot gold near 4,216.80 dollars, up 0.96 percent. The 10-year Treasury yield eased toward the 5.2 percent area after the report.

Kitco's chart marks the Hong Kong, London, New York Globex and New York NYMEX trading windows, which shows where the largest moves occurred. The sharpest jump and the steepest drop both fell inside the New York NYMEX window, the period when U.S. data and futures trading overlap.

Using those Friday spot quotes, one ounce of gold buys about 68 ounces of silver. The Silver Institute's July report on the gold to silver ratio put the long-run equilibrium at just under 60 to 1.

Source: Kitco News - https://www.kitco.com/news/article/2026-10-02/gold-silver-rise-weak-payrolls-cut-fed-hike-odds-kitco-am-report