Silver dips below $65 ahead of US PPI release
Silver slips below $65 an ounce after a seven-week high, as investors take a cautious stance ahead of US producer inflation data for insight into recent price trends.
Silver slipped below $65 an ounce on Thursday after reaching a seven-week high earlier in the session, as investors adopted a cautious stance ahead of US producer inflation data for further insights on recent price trends.
Data released Wednesday showed US consumer inflation eased for a second consecutive month to 3.4% in July, while increasing just 0.1% from the previous month.
Markets now see around a 40% chance of a 25 basis point rate hike from the Federal Reserve in September, down from nearly 50% a day earlier.
Precious metals also remained under pressure from elevated oil prices as hopes for a deal to reopen the Strait of Hormuz stayed limited.
Escalating rhetoric between the US and Iran amid stalled negotiations further reduced expectations for an imminent agreement.