Silver Price Tumbles Ahead of US Inflation Data

Silver prices are under pressure ahead of US PCE inflation data on Wednesday. The white metal is down 1.6% to near $67.87 during Asian trading hours. Investors are cautious due to concerns about higher inflationary pressures, which could prompt interest rate hikes by the Federal Reserve.

TD Securities expects core PCE inflation to hit the Fed's strike zone for a second consecutive report in July, with headline prices likely rising 0.15% and core PCE contained at 0.13% m/m.

The annualized core PCE inflation is expected to have grown at a steady pace of 3.4%, according to the FX Economic Calendar. Fed Chair Kevin Warsh's comments at the Jackson Hole Symposium on Thursday will be closely watched for any hints on interest rates.