Commodities
Silver Price Drops Amid Rate Hike Expectations Ahead of Fed Speech
Silver prices have slipped below $69.00 per troy ounce as investors adopt a cautious stance ahead of Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium.
The white metal dropped after registering modest gains in the previous day, trading around $68.80 during Asian hours on Friday.
Market expectations suggest another interest rate hike before the end of the year, with a 74% probability pointed to by the CME FedWatch Tool for December's increase.
However, traders anticipate the central bank will stand pat at its immediate September meeting, pricing in a 65% chance that rates will stay put for now.