Silver Price Stuck at $64, $68 Amid Rate Pressure

The silver price has been stuck in the $64, $68 range due to rate pressure. This is largely driven by higher US rate expectations, which were fueled by last Friday's strong jobs number. The market implied a 60% probability of a September Fed hike after the release of the 162,000 new jobs, exceeding the expected 56,000.

This has led to increased yields, creating a headwind for silver most of the time. Yielding metals and assets tend to shy away from rising interest rates.

However, there is a longer-term industrial supply argument supporting silver prices. This supply-demand imbalance could lead to increased demand over the next several years, but it doesn't have an immediate impact on short-term price movements.