Silver prices steady as markets eye US inflation data
Silver (Symbol: XAGUSD) prices edged above $31 per ounce, marking a slight increase as the market remains largely range bound. The focus now is on the upcoming US inflation data, which could cement expectations for a Federal Reserve interest rate cut in September.
This comes after Fed Chair Jerome Powell’s testimony to Congress, where he emphasised the necessity for additional data to ensure inflation is consistently moving towards the 2% target. Powell also acknowledged the risk of maintaining restrictive policies for too long, potentially stunting economic growth.
Read more to find out about the silver prices here.
Disclaimer:
Market sentiment remains cautiously optimistic. The anticipation of a potential rate cut by the Federal Reserve, coupled with strong industrial demand, creates a favorable environment for silver. Nonetheless, it is essential to remain cautious and keep risk management intact when navigating the silver market.
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