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Silver steadies near $64.30 as dollar eases but Fed hike bets linger
CME FedWatch shows about a 66% probability of another October rate increase, keeping pressure on non-yielding assets like silver.
Silver prices held steady on Friday near $64.30, supported by a modest pullback in the US Dollar after a strong weekly rally, according to FXStreet.
Despite the softer dollar, silver remained on track for a weekly decline as markets increasingly priced in another Federal Reserve rate hike after the central bank’s prior 25 basis point increase, FXStreet said.
FXStreet added that higher borrowing costs tend to weigh on non-yielding assets such as silver, while Treasury yields hit fresh multi year highs this week.
The outlet also pointed to event risk ahead of next week’s US Personal Consumption Expenditures inflation report, ISM Manufacturing PMI, and Nonfarm Payrolls, and noted that technical momentum indicators were largely neutral, with prices trading within a month long range.
Latest closeSilver $64.71 ▲2.0%