Silver falls 4% to $64.5 an ounce as Fed hike bets rise
Silver tumbled around 4% to $64.5 an ounce on Thursday after stronger-than-expected US producer price data. US PPI rose 0.4% in August and annual producer inflation accelerated to 5.4%, above the 5.3% forecast.
Story updates
01:20:28 PM UTC
SquawkNews
Prices for final demand goods increased 1.1%, driven largely by a broad rise in energy costs, which were up 4.2%, while goods excluding food and energy rose 0.4%, and food prices edged 0.1% higher.The BLS said more than a third of the monthly increase in goods prices reflected a 24.1% jump in diese…
5 an ounce on Thursday as traders raised bets on a Federal Reserve rate hike next week after stronger-than-expected US producer price data. 3% forecast. Markets are now pricing in more than a 70% chance of a Fed rate hike on September 16. Traders also lifted bets on further European Central Bank tightening after the ECB raised borrowing costs as expected and said inflation risks remained tilted to the upside.