Silver Prices Steady Amid Market Caution

by InkWell May 14, 2024 · Forex Market Analysis

Silver held near $28.5 per ounce as investors cautiously awaited key economic data. This week’s releases of the US Consumer Price Index (CPI) and Producer Price Index (PPI) are expected to provide insights into the Federal Reserve’s future interest rate decisions.

Recently, softer-than-expected US non-farm payrolls and jobs reports indicated a cooling labor market. This raised hopes for possible interest rate cuts this year. However, Fed officials are still hesitant to ease rates early due to ongoing concerns about inflation.

Ongoing tensions in the Middle East have added to silver’s safe-haven appeal. The situation has intensified with Israel deploying tanks deeper into eastern Jabalia in the northern Gaza Strip. This geopolitical risk has supported silver prices as investors seek safety.

Tags: SILVER