Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Spot Silver edged lower on Tuesday, while holding not far from last Friday’s 14-week peak of $24.636, as market players awaited the key US CPI report that may provide further clues on the timing of the Federal Reserve’s first rate cut.

Annual headline consumer inflation in the United States probably remained steady at 3.1% in February, according to market consensus.

Annual core CPI inflation probably eased to 3.7% in February from 3.9% in January – a 2 1/2-year low.

“Progress in U.S. inflation has somewhat stalled in the January’s read, but follow-up comments from policymakers seem to suggest that they are willing to look beyond it as a one-off. Another surprise run of hotter-than-expected inflation data for February will likely challenge that,” IG market strategist Yeap Jun Rong was quoted as saying by Reuters.

Markets are pricing in three to four 25 basis point Fed rate cuts this year, with the chance of the first cut taking place in June at 70%, according to LSEG’s interest rate probability app.

Lower interest rates tend to decrease the opportunity cost of holding Silver, which pays no interest.

As of 7:36 GMT on Tuesday Spot Silver was edging down 0.25% to trade at $24.408 per troy ounce.

Silver Futures for delivery in May were edging down 0.42% to trade at $24.610 per troy ounce.

The US Dollar Index, which reflects the relative strength of the greenback against a basket of six other major currencies, was inching down 0.03% to 102.815 on Tuesday. The DXY has rebounded from an eight-week low of 102.358.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: GBP/CHF daily forecastForex Market: GBP/CHF daily forecast During yesterday’s trading session GBP/CHF traded within the range of 1.5061-1.5104 and closed at 1.5070.At 6:20 GMT today GBP/CHF was gaining 0.14% for the day to trade at 1.5088. The pair touched a daily high at 1.5090 at 6:14 […]
  • Forex Market: USD/CAD daily trading outlookForex Market: USD/CAD daily trading outlook During yesterday’s trading session USD/CAD traded within the range of 1.0998 - 1.0943 and closed at 1.0995, up 0.24% on the day.At 9:22 GMT today USD/CAD was down 0.14% for the day to trade at 1.0969. The pair touched a daily low at 1.0963 […]
  • Forex Market: USD/CHF trading forecast for MondayForex Market: USD/CHF trading forecast for Monday During Friday’s trading session USD/CHF traded within the range of 0.9018-0.9052 and closed at 0.9048, gaining 0.24% for the day and 0.73% on a weekly basis.Fundamental viewThe index of pending home sales in the United States probably […]
  • Gold near three-week low as Syria tension recedesGold near three-week low as Syria tension recedes Gold futures traded on the upside in the early European session but remained fairly unchanged as diminishing concern over U.S. military intervention in Syria limited safe haven demand for the metal. The market was also pressured amid broad […]
  • Forex Market: USD/SEK daily forecastForex Market: USD/SEK daily forecast During yesterday’s trading session USD/SEK traded within the range of 6.8246-6.8549 and closed at 6.8278.At 6:12 GMT today USD/SEK was losing 0.1% for the day to trade at 6.8210. The pair touched a daily low at 6.8194 at 6:06 […]
  • Stock Indices: Dow Jones falls a second day ahead of US macroeconomic dataStock Indices: Dow Jones falls a second day ahead of US macroeconomic data On Thursday Dow Jones Industrial Average traded within the range of 17,443.50-17,691.93. The benchmark closed at 17,448.07, shedding 1.44% (254.28 points) on a daily basis, while extending the loss from Wednesday. The daily rate of decrease […]