Silver Price Forecast: XAG/USD plunges from four-week highs after hot US CPI – by christianborjon Silver XAGUSD Metals Inflation Fed
XAG/USD opened around the $19.70s area and climbed towards its daily high at $19,94, ahead of the release of US inflation. However, once the headline crossed newswires, the pair tumbled toward the daily low at $19,34 before settling around the current spot price. XAG/USD is trading at $19.52, below its opening price.Before Wall Street opened, the US Labor Department released that August inflation in the US i, hit the 8.3% YoY mark, lower than the 8.5% in the previous month.
Elsewhere, the US Dollar Index, a gauge of the greenback’s value vs. six peers, is recovering a lot of ground, after tumbling towards a daily low at 107.660, edges up almost 1% at 109.375, a headwind for the precious metals complex. The US 10-year T-bond yield edged up seven bps, at 3.431%, while US 10-year Treasury Inflation-Protected Securities yield cleared the 1% threshold for the first time since January 2019.
The US Federal Reserve entered its blackout period until the September 21 monetary policy decision. Market participants have fully priced in a 75 bps rate hike, according to the CME FedWatch Tools, which would see the Federal Funds Rate reach the 3.25% threshold.
on Thursday. On Friday, the University of Michigan will release the US Consumer Confidence ahead of next’s weeks FOMC monetary policy decision.
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