Silver Price Forecast: XAG/USD rises toward $30.00 after higher US Jobless Claims

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 24 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 72%

Silver News

XAGUSD,Macroeconomics,Commodities

Silver price retraces its recent losses registered on Thursday, trading around $29.70 per troy ounce during the Asian hours on Friday.

Silver price appreciated as higher Initial Jobless Claims contributed to the expectations of the Fed reducing rates in September. Fed officials suggested prolonging of higher rates as pricing pressure persists in the US economy. The US Dollar gains ground as the Fed adopts a cautious stance regarding the potential rate cuts in 2024. The price of the grey metal as investors turn cautious following the higher-than-expected Initial Jobless Claims released by the US Department of Labor on Thursday.

Reuters reports on Thursday, Atlanta Fed President Raphael Bostic said at an event in Jacksonville that the need for patience with interest rates, noting that substantial pricing pressure persists in the US economy. Additionally, Cleveland Fed President Loretta Mester indicated that it might take longer than anticipated to confidently ascertain the inflation trajectory, suggesting that the Fed should maintain its restrictive stance for an extended period.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Silver Price Forecast: XAG/USD rises to near $28.50 on market cautionSilver price edges higher to near $28.50 per troy ounce during the European trading hours on Wednesday.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Silver Price Forecast: XAG/USD rises to near $28.50 due to escalated geopolitical tensionsSilver price extends its gains for the second consecutive session, trading around $28.30 per troy ounce during the early European session on Tuesday.
Source: FXStreetNews - 🏆 14. / 72 Read more »