Silver Holds Above $69 as Dollar Weakness Offsets 40% September Rate-Hike Odds
Updated
Updated · TradingView · Aug 24
Silver Holds Above $69 as Dollar Weakness Offsets 40% September Rate-Hike Odds
3 articles · Updated · TradingView · Aug 24
Summary
$69-an-ounce silver held near its highest level since mid-June on Monday, extending last week’s rally as the dollar stayed subdued.
More than 6% gains last week followed a US Treasury buyback support plan that pushed the dollar to multi-month lows, boosting demand for precious metals.
Wednesday’s July PCE inflation report and Fed Chair Kevin Warsh’s Jackson Hole speech on Friday are the next tests for the rate outlook.
CME FedWatch shows traders pricing about a 40% chance of a September rate hike, with 60% still expecting rates to remain unchanged.
US threats of sweeping new sanctions on Iran added a geopolitical risk backdrop as markets weighed monetary policy signals.