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Home Silver Price Silver Prices Rebound as Traders Eye Fed Chair Powell’s Testimony (July 9)

Silver Prices Rebound as Traders Eye Fed Chair Powell’s Testimony (July 9)

by anna

Silver (XAG/USD) has recovered its recent losses, trading around $31.00 per troy ounce during the European session on Tuesday. Market participants are closely monitoring Federal Reserve Chairman Jerome Powell’s upcoming testimony on “The Semi-annual Monetary Policy Report” to the U.S. Congress. Powell is expected to provide a comprehensive overview of the economy and monetary policy, with his prepared remarks being released before his Capitol Hill appearance.

Last Friday, weaker-than-expected employment data from the United States fueled speculation that the Federal Reserve might consider cutting interest rates in September, which has bolstered support for non-yielding assets such as silver.

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The CME’s FedWatch Tool now indicates a 76.2% probability of a rate cut in September, up from 65.5% a week earlier.

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In addition, U.S. inflation figures are slated for release on Thursday. The U.S. Core CPI is anticipated to maintain its year-over-year rate at 3.4% in June, with the monthly Core CPI expected to hold steady at 0.2%.

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Silver, considered a safe-haven asset, may face challenges as the market awaits developments in ceasefire negotiations in the Middle East. A potential agreement in Gaza could shift risk sentiment, favoring riskier assets.

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However, the White House reports significant differences remain between the negotiating parties, with Hamas expressing concerns over new Israeli actions in Gaza that could endanger the possibility of an agreement.

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