• Silver price remains firm near $32 in countdown to US NFP.
• The US labor market data will influence the Fed’s likely policy-easing pace.
• Middle East conflict has strengthened Silver’s appeal as a safe haven.

Silver price (XAG/USD) oscillates in a tight range near the crucial resistance of $32.00 in Friday’s European session. The white metal stays firm due to widening conflicts in the Middle East region between Israel and Iran-backed Hezbollah. Historically, the safe-haven appeal of precious metals improves amid geopolitical uncertainty.

In today’s session, the major trigger for the Silver price will be the United States (US) Nonfarm Payrolls (NFP) data for September, which will be published at 12:30 GMT. The official employment data will significantly influence market expectations for the Federal Reserve’s (Fed) interest rate outlook.

On September 18, the Fed pivoted to policy normalization with a larger-than-usual interest rate cut of 50 basis points (bps). After the Fed’s decision of jumbo rate cut, comments from Fed Chair Jerome Powell and his teammates have indicated that the central bank was more focused on reviving job growth amid confidence that price pressures are on track to return to the bank’s target of 2%.

The US NFP report is expected to show that 140K fresh payrolls were added, similar to 142K in August. The Unemployment Rate is seen steady at 4.2%. Investors will also focus on Average Hourly Earnings data, a key measure to wage growth, which is expected to have grown by 3.8% steadily year-on-year.