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Silver stays under pressure near $60 as rate bets shift

Silver is trading around $60.38 and is on track for nearly a 9% monthly loss, even after a brief rebound following softer US PCE inflation data.

Reported · Written up by our desk · Major Pairs

Silver prices were under pressure on Wednesday, with XAG/USD trading around $60.38 as traders dialed back expectations that the Federal Reserve will raise rates again in October after softer-than-expected US PCE inflation, FXStreet reported.

The metal briefly strengthened when the inflation data pushed the US dollar and Treasury yields lower, but the move faded after stronger US GDP and ADP employment figures suggested the economy remains resilient and kept hawkish rate expectations alive.

FXStreet said attention is now on the US ISM Manufacturing PMI on Thursday and the Nonfarm Payrolls report on Friday for further clues on the Fed’s policy path.

It also noted that the latest setup leaves XAG/USD with a bearish near term bias, and it is set to close September with a loss of nearly 9%.

Latest closeSilver $60.95 ▼5.1%

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