Silver Slumps on Rate Hike Bets Amid Hawkish Fed Rhetoric

Silver prices are holding losses near $66.00 due to bets on a Federal Reserve interest rate hike, according to FXStreet.

The stronger-than-expected US employment data for August has fueled expectations of an imminent Fed rate increase, with the CME FedWatch tool indicating a 58.3% probability of a 25-basis-point rate hike in September.

Fed's Hammack delivered a notably more hawkish message, asserting that Fed policy is 'not restrictive' and that inflation is 'too high', underscoring a bias toward additional rate increases and challenging any market expectation of an imminent pivot.