Silver slips near $65.50 as Fed-hike odds jump after jobs data
Silver fell to around $65.50 an ounce as stronger-than-expected August US nonfarm payrolls lifted bond yields. FedWatch pricing shows nearly a 60% rate-hike chance next week, up from about 50%.
50 an ounce on Monday, with trading volumes subdued due to a US holiday, after stronger-than-expected US jobs data pushed bond yields higher and reinforced expectations of a Federal Reserve rate hike this month. 1%. Traders now see nearly a 60% chance of a rate hike at the Fed’s policy meeting next week, up from around 50% before Friday’s jobs report, according to the CME FedWatch Tool. Investors are now awaiting PPI and CPI data later this week for further clues on the Fed’s policy outlook.
Inflation concerns remain elevated after crude oil prices touched a near three-month high following an exchange of strikes on shipping between the US and Iran over the weekend. Iran’s Foreign Ministry said Tehran and Oman would soon announce details of a temporary safe route through the Strait of Hormuz.