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Home Silver Price Silver Prices Steady Below $30 as Investors Eye Fed Minutes for Rate Guidance

Silver Prices Steady Below $30 as Investors Eye Fed Minutes for Rate Guidance

by anna

Silver (XAG/USD) is trading in a narrow range just below the key psychological level of $30.00 per ounce as market participants await the release of the Federal Open Market Committee (FOMC) minutes later today at 18:00 GMT. The minutes from the July meeting are expected to provide crucial insights into the Federal Reserve’s interest rate trajectory for the remainder of the year.

During the July meeting, the Federal Reserve opted to keep interest rates steady within the 5.25%-5.50% range. However, officials emphasized their readiness to adjust monetary policy if emerging risks threaten the achievement of the central bank’s dual mandate: maintaining 2% inflation and full employment.

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In the lead-up to the minutes’ release, the US Dollar (USD) has been trading quietly near seven-month lows. The US Dollar Index (DXY), which measures the currency against a basket of six major peers, is hovering around 101.40. Meanwhile, the yield on the 10-year US Treasury note has slipped to approximately 3.80%, reducing the opportunity cost of holding non-yielding assets like silver.

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Investors should also brace for potential volatility in the US Dollar later this week as Federal Reserve Chair Jerome Powell is set to deliver a speech at the Jackson Hole Symposium on Friday. Powell’s remarks are expected to shed light on the extent of potential rate cuts this year, which could significantly influence market sentiment and silver prices.

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