Silver Price Surges Ahead of Fed Interest Rate Decision

The silver price has surged to near $64.80 ahead of the Federal Reserve's interest rate decision, with traders increasingly confident that the Fed will hike rates by 25 basis points.

A recent CME FedWatch tool shows a nearly 79% chance of at least two interest rate hikes by year-end, which would support US Treasury Yields and diminish the appeal of non-yielding assets like silver.

However, the silver price's momentum is waning, as it holds below its 20-day Exponential Moving Average (EMA) at $65.12, with a Relative Strength Index (RSI) around 49 indicating fading buying pressure.