Silver price touches $39 as market weighs rate cut outlook
me-metals: Silver held firm on Monday despite losing steam from last week’s rally, as investors continue to weigh the outlook on US interest rates.
According to me-metals cited from mining.com, Spot price traded around $38.90 an ounce for a 0.1% intraday loss. Earlier, it had briefly touched $39 for the first time in a month.
In New York, silver futures were 0.6% lower at $38.82 per ounce.
The precious metal is coming off a 2% gain last week, amid rising speculation of a Federal Reserve rate cut next month. A speech by Fed Chair Jerome Powell on Friday solidified those expectations, with markets now seeing a near 90% chance of a September rate cut.
Like gold, silver tends to perform well during a low-rate environment, as these metals yield no interest. Backed by rising demand for hard assets, silver has risen by more than 34% year to date, even outpacing gold’s performance.
“Powell’s remarks fueled the conviction that policy easing lies ahead,” Pepperstone research strategist Ahmad Assiri said in an emailed note to Bloomberg on Monday.
Looking ahead, “further signs of labor market softness would strengthen the case for cuts and amplify demand” for precious metals, he added.
source: mining.com
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