Commodities
Silver Slides Below $64.00 on Profit-Taking Amid Soft Inflation Data
Silver prices fell below $64.00 due to profit-taking after cooling inflation data was released by the Bureau of Labor Statistics.
The data showed that US wholesale prices for goods and services remained flat in July, lower than the expected 0.2% growth.
Excluding volatile food and energy sectors, core Producer Price Index (PPI) figures nudged up 0.2%, slightly below the consensus estimate of 0.3%.
The softer inflation numbers led market participants to recalculate their expectations for Federal Reserve interest rate policy, causing the implied probability of a rate hike at the Fed's September meeting to drop to 34.8%.