Commodities
Home›Commodities›Precious Metals›Silver holds near $56.80 as oil and Fed-hike bets resh…
Silver holds near $56.80 as oil and Fed-hike bets reshape sentiment
XAG/USD is trading around $56.80 per troy ounce, supported for a second straight day despite rising odds of a September Fed rate hike.
Silver (XAG/USD) rose for a second consecutive day, trading around $56.80 per troy ounce during Monday’s Asian hours, according to FXStreet.
The forecast flagged pressure ahead for the non-interest-bearing metal as US and Iran clashes lifted crude prices and as inflation risks resurfaced, strengthening expectations for additional Fed rate hikes.
FXStreet noted that market pricing through the CME FedWatch Tool shows a 61.4% probability of a September rate hike, while US Fed messaging is described as more hawkish, with a Hammack speech tracker score of 7.2 out of 10 versus a 6.6 out of 10 historical average.
The outlet also pointed to a broader hawkish Fed backdrop, saying the FXS Fed Sentiment Index rose by 2.06 points to 128.64, a level it characterizes as well above the neutral 100 line.
Latest closeSilver $55.72 ▼2.4%|WTI crude $79.00 ▼0.8%