Silver falls below $68 as US inflation and Fed signals eyed
Silver trades below $68.0 an ounce after a two-month high of $70.0 last week, as markets await US inflation data and Fed Chair Kevin Warsh’s Jackson Hole speech.
Silver prices fell below $68.0 an ounce on Tuesday after reaching a two-month high of $70.0 last week, as the recent rally lost momentum ahead of US inflation data and Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole Symposium later this week.
Investors are also assessing the US Treasury’s decision to double liquidity-support buyback operations for longer-dated notes and bonds, which helped push the dollar to a more than three-month low last week.
Markets are currently pricing in a 38% chance of a US rate hike in September, according to the CME FedWatch Tool.
Meanwhile, geopolitical tensions remain in focus, with Iran pledging to resist expanded US sanctions while expressing confidence that major trading partners will reject the pressure campaign and signalling that Washington remains interested in reviving talks.