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Silver slips below $58 as traders await the Fed meeting
Silver September futures opened at $58.74 per ounce and were down to $57.55 by 7:50 a.m. ET, with both industrial and investor demand cited as having weakened.
Silver prices edged lower on Tuesday as traders looked ahead to the start of the Federal Reserve’s two-day meeting, according to Yahoo Finance. Silver September futures opened at $58.74 per ounce, up 0.1% from Monday’s close, but fell to $57.55 as of 7:50 a.m. ET.
Yahoo Finance said silver has spent much of the month trading in a very narrow range, with openings not moving above $61 since July 7. The outlet also noted that silver is influenced by two main drivers, industrial demand and investor demand, and both have declined.
Despite the morning pullback, Yahoo Finance reported that silver was still up 4.3% versus last week and 54.1% higher versus a year ago ahead of the Fed meeting. The report said investors may wait for clarity on the U.S. interest rate outlook before adding to bullish positioning.
According to CEM Group’s FedWatch tool as cited by Yahoo Finance, 35.8% of analysts expect the Fed to raise rates by 25 basis points, compared with over 25% last week. The report added that forecasts vary widely, including predictions from experts at BlackRock and J.P. Morgan that silver could surpass $80 per ounce by the end of 2026 and possibly reach $100 by 2030.
Latest closeSilver $58.70 ▲0.1%