Silver Price Forecast: XAG/USD slips below $69.00 ahead of Fed Chair speech
Silver price (XAG/USD) depreciates after registering modest gains in the previous day, trading around $68.80 per troy ounce during the Asian hours on Friday.
Silver prices slipped below $69.00 on Friday, trading at $68.80 per troy ounce during Asian hours. The decline followed modest gains the previous day and was triggered by investors adopting a cautious stance ahead of Federal Reserve Chair Kevin Warsh's upcoming speech at the Jackson Hole symposium. Higher-than-expected U.S. inflation data and the likelihood of a potential rate hike before year-end fueled this sell-off.
However, traders anticipate a pause in rate hikes at the September meeting, with a 65% probability that rates will remain unchanged. Silver may find support from the ongoing debasement trade and the increasing demand for the metal as a hedge during high-inflation periods.
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