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Silver trades flat near $66.60 ahead of key US data
XAG/USD is consolidating near $66.67 as traders look to ISM Manufacturing PMI and JOLTS, with expectations pointing to a softer PMI and slightly fewer job openings.
Silver prices were little changed in Asian trading, with XAG/USD holding a tight range around $66.67 and last seen near $66.59 in the daily chart, according to FXStreet.
The move comes as investors await US ISM Manufacturing PMI for August and JOLTS Job Openings for July, scheduled for 14:00 GMT, with forecasts calling for PMI to ease to 55.2 from 55.6 and job openings to fall to 7.3 million from 7.359 million in June.
FXStreet reports that Fed rate expectations could be meaningfully influenced by the JOLTS release, with the broader market also focusing on upcoming Nonfarm Payrolls and CPI data as drivers for the Fed’s path.
On top of the US data calendar, higher oil prices tied to the restart of the Middle East war are described as a potential headwind for silver, with WTI rising to about $85.85 in the Asian session, the highest level in more than a week, raising concerns about renewed inflation expectations that can weigh on non-yielding assets like silver.
Latest closeSilver $67.61 ▲0.9%|WTI crude $86.62 ▲3.9%