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Home Gold News Silver Prices Hover Around $22.70 Amid Dollar Struggles and Middle East Tensions

Silver Prices Hover Around $22.70 Amid Dollar Struggles and Middle East Tensions

by anna

Silver prices (XAG/USD) are in proximity to $22.70 as the U.S. dollar index (DXY) faces challenges in extending its recovery, while ongoing tensions in the Middle East contribute to safe-haven flows. Despite bouncing back from two-month lows of $22.43, silver is yet to convince investors of a substantial recovery.

S&P 500 futures remained flat in the Asian session, reflecting cautious market sentiment. The U.S. dollar index showed range-bound movement on Thursday due to the absence of prominent economic indicators. The 10-year Treasury yield approached 4.17%.

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Investor attention has shifted to the upcoming Federal Reserve (Fed) monetary policy meeting scheduled for January 31. The Fed is expected to maintain interest rates in the range of 5.25-5.50%. The focus will be on the Fed’s interest rate guidance as it contemplates its first rate cut following the most rapid “rate tightening” campaign in history.

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On Thursday, Atlanta Fed President Raphael Bostic suggested that the central bank could expedite announcements if it receives “compelling” evidence of inflation returning to its 2% target. Bostic cautioned against premature rate cuts, emphasizing the potential negative impact on inflation control efforts by stimulating overall demand and increasing price pressures.

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