Silver steadied above $67/oz ahead of US inflation data
Silver held gains above $67 an ounce on Thursday while investors awaited the US producer price index for August and the consumer inflation report on Friday. Support came from a weaker dollar, offsetting near-term pressure from higher oil prices and bond yields.
Silver held above $67 an ounce on Thursday, extending gains from the previous session as investors waited for key US inflation data that could offer more clarity on the Federal Reserve’s next move. The US producer price index for August is due later today, with the consumer inflation report to follow on Friday. Precious metals were also supported by a weaker dollar and continued demand for hedging, even as higher oil prices and bond yields kept pressure on the market. Oil climbed to multi-month highs as the US-Iran conflict deepened, while US Treasury yields rose after the Treasury Department said it plans to buy back up to $6 billion in longer-term debt.
Some investors had expected a larger increase.