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Silver holds near $60.30 as US CPI eyed for Fed rate expectations
FXStreet said US headline CPI is expected to rise to 3.7% year on year, with core CPI seen at 2.5% year on year.
Silver prices traded in a tight range around $60.30 during the European session on Tuesday, with investors consolidating ahead of the US Consumer Price Index report due Wednesday, according to FXStreet.
The outlet said the inflation data could meaningfully affect Federal Reserve interest rate expectations, citing forecasts for September headline CPI rising to 3.7% year on year from 3.4% in August, and core CPI, excluding volatile food and energy items, at 2.5% year on year versus 2.4% previously.
FXStreet added that during European trading, 10-year US Treasury yields were down nearly 1% to around 5.19%, which it said can improve the appeal of non-yielding assets like silver.
On the technical front, the report said XAG/USD has stayed in a limited $58.50 to $62.09 range for weeks, while holding below the 20-period EMA near $61.85 has kept a bearish near-term tone and capped upside attempts.
Latest closeSilver $59.48 ▼0.7%