Silver Trims Losses
Silver prices pared early losses to trade around $50.4 an ounce on Tuesday, remaining in negative territory after Monday’s sharp 3.6% gain, as investors weighed falling oil prices ahead of the US midterm elections. Oil prices reversed earlier gains after US President Donald Trump said Washington would end its $4 billion aid programme to Israel by year-end, while US Energy Secretary Chris Wright said overnight strikes on Iran’s Qeshm Island had not disrupted regional oil supplies. Lower oil prices could ease inflationary pressures and reduce expectations of further interest rate hikes. Markets currently price in nearly a 73% chance of a Fed rate hike in December, according to CME’s FedWatch Tool. Meanwhile, US midterm elections are underway, with Democrats favored to regain control of the House of Representatives, while the Senate outcome remains uncertain.
Silver prices pared early losses to trade around $50.4 an ounce on Tuesday, remaining in negative territory after Monday’s sharp 3.6% gain, as investors weighed falling oil prices ahead of the US midterm elections. Oil prices reversed earlier gains after US President Donald Trump said Washington would end its $4 billion aid programme to Israel by year-end, while US Energy Secretary Chris Wright said overnight strikes on Iran’s Qeshm Island had not disrupted regional oil supplies. Lower oil prices could ease inflationary pressures and reduce expectations of further interest rate hikes.
Markets currently price in nearly a 73% chance of a Fed rate hike in December, according to CME’s FedWatch Tool. Meanwhile, US midterm elections are underway, with Democrats favored to regain control of the House of Representatives, while the Senate outcome remains uncertain.