Silver Jumps Nearly 2% as USD Slips on Weak CPI Data
Silver rose nearly 2%, outperforming gold, as a softer US dollar and diminished Fed rate-hike expectations followed weak core CPI data, according to OCBC analysts.
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Silver rallied nearly 2% in recent trading, outpacing gold's 1.2% gain, as a softer US dollar and reduced expectations for Federal Reserve rate hikes buoyed the metal, OCBC analysts Sim Moh Siong and Christopher Wong noted.
The move came after weaker-than-expected core Consumer Price Index (CPI) data, which tempered hawkish Fed bets and weighed on the greenback. The analysts highlighted that silver is experiencing a higher-beta rebound but faces two-way risks.
Source: FXStreet Forex News