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Silver slips near $64 as hawkish Fed bets lift the dollar
Expectations for a 25 basis point Fed hike in October rose to nearly 69.7%, adding downward pressure to XAG/USD.
Silver prices extended losses for a second straight day in Asian trading, hovering around $64.10 per troy ounce, as US rate expectations stayed skewed higher.
FXStreet said the selloff reflected a stronger US dollar and rising Treasury yields tied to hawkish Federal Reserve expectations, with September flash US S&P Global PMI data showing manufacturing growth accelerating to 52.0 while services and composite activity pulled back slightly.
The outlet noted that odds of a 25 basis point Fed rate hike in October jumped to nearly 69.7% from 48.7% a week earlier, supported by further hawkish messaging from Fed officials warning about persistent inflation risks.
Looking ahead, traders are focused on the next US weekly Initial Jobless Claims report, while potential crude oil rebounds linked to ongoing uncertainty around US-Iran diplomatic talks were also cited as a factor.
Latest closeSilver $64.58 ▼2.0%|WTI crude $91.79 ▼3.0%