[Opinion] Why Is Silver Going Down Today? Price Slips Below $60 After Fed Minutes
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Silver prices have fallen due to the strong dollar, high bond yields, and increasing inventories. According to technical analysis by experts, a drop below $58 could deepen the decline.
Why Is Silver Going Down Today? Price Slips Below $60 After Fed Minutes
Silver (XAG/USD) fell 1.5% to $58.97 an ounce by 06:33 UTC today (Thursday), its lowest level since early August. The drop follows minutes of the Federal Reserve's (Fed) September meeting, which showed that most officials expect another rate hike before the end of the year.Silver had already closed Wednesday below $60, at $59.89. The Fed raised its target range by 25 basis points to 3.75% to 4.00% in September, and the minutes said policymakers …
The dollar's retreat from its peak and the differing opinions in the Fed minutes gave silver a breather. While ounce silver is holding steady around the $60 mark in global markets, domestically, gram silver continues its struggle to stabilize around the 95 TL mark.
Silver is currently trading in the $59.7-$62 range, with two scenarios emerging depending on the messages from the Fed minutes. If inflation risks and further interest rate hikes are emphasized, the upside may be limited. However, a more cautious approach to further tightening, coupled with a decline in the dollar and bond yields, could support a breakout above this range. In addition to expectations of a supply shortage, the trajectory of inves…
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