Silver Stalls at $65.27 Amid CPI Jitters and Supply Squeeze

Silver's price has been affected by conflicting signals from various markets. The precious metal pulled back to $65.27 an ounce on Wednesday, after reaching a peak of $66.41 in the previous session.

Traders are waiting for the July US consumer price index (CPI) report, which is expected to be released later today. Economists forecast a 0.1% month-on-month rise in headline inflation and 3.4% annual inflation rate. The Federal Reserve's next move will depend on these numbers.

A hotter-than-expected inflation print would likely lead to another interest rate hike, making silver less attractive as yields rise. On the other hand, a softer number could fuel expectations of a more accommodative Fed and boost silver prices.