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Silver holds near $60 as Fed hike bets pressure XAG/USD
CME FedWatch shows a 70% chance of an October Fed rate hike, while traders also await US JOLTS data for August.
Silver prices for XAG/USD stayed pinned near Monday’s losses around $60.70 in Asian trading on Tuesday, with the metal pressured by expectations that the Federal Reserve will deliver more interest rate hikes this year, FXStreet reports.
The outlet cited the FedWatch tool, which shows a 70% chance of a hike at the October policy meeting, a backdrop that raises yields on interest-bearing assets and reduces the appeal of non-yielding assets like silver.
Investors were also set to look ahead to US JOLTS Job Openings data for August, scheduled for 14:00 GMT, with expectations for employers to post 7.23 million fresh jobs versus 7.271 million in July.
On the charts, XAG/USD traded around $60.63, holding below the 20-period EMA near $64.30, a setup FXStreet described as keeping a bearish tone in the near term.
Latest closeSilver $60.95 ▼5.1%