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Silver steadies near $63 after dipping to $62.19
Silver is trading around $63.45 after its intraday low of $62.19, with investors weighing Middle East inflation risk against softer US rate expectations reflected in Fed pricing.
Silver steadied around $63.45, up 0.16% on the day, after falling to an intraday low of $62.19, as the metal tried to recover from Tuesday’s rejection near $66.50, FXStreet said.
The outlook remains cautious as investors monitor a deteriorating Middle East situation, including the expiration of a US Iran memorandum of understanding on Monday and a Trump confirmation on Tuesday that no talks with Tehran are taking place.
FXStreet added that disruptions to maritime traffic through the Strait of Hormuz are keeping tensions elevated in the energy market, which can reinforce inflation concerns and complicate the Federal Reserve’s ability to tighten policy.
Ahead of the release of the FOMC July meeting minutes, due Wednesday at 18:00 GMT, markets are pricing only a 32% chance of a September rate hike, according to the CME FedWatch tool, a shift that can limit pressure on precious metals even as longer-term inflation risks tied to the energy shock persist.
Latest closeSilver $64.83 ▼0.1%