Silver rises toward $66 as US data cools rate-hike expectations
Silver moves toward $66 an ounce on Monday, extending gains as subdued US economic data lowers expectations for an imminent Federal Reserve rate hike.
Silver rose toward $66 an ounce on Monday, extending gains from the previous session as subdued US economic data reduced expectations for an imminent Federal Reserve interest rate hike.
Data released last week pointed to tame US inflation, while consumer sentiment and retail sales weakened.
Markets now see roughly a one-in-three chance of a Fed rate hike in September, down from nearly 50% before the data.
Investors are now awaiting the FOMC’s latest meeting minutes and Fed Chair Kevin Warsh’s speech at the Jackson Hole symposium for further guidance.
Meanwhile, tensions in the Middle East remain elevated after Israel launched fresh strikes on Lebanon over the weekend, while President Donald Trump is preparing new economic sanctions aimed at forcing Iran to surrender.
Still, Middle Eastern producers are covertly moving millions of barrels of crude through the Strait of Hormuz, keeping oil prices in check and easing concerns about inflationary risks.