Silver Struggles Below $70 as Strong Dollar Weighs on Prices

Silver prices continue to struggle below the $70 per ounce mark, a threshold it has yet to breach. As of August 27th, the world silver price was listed at $69.42 per ounce.

According to macro and market analyst Vishal Chaturvedi, silver prices were under downward pressure due to the USD's recovery after the US released its latest inflation data.

The US Personal Consumption Expenditure Price Index (PCE) increased by 0.2% in July compared to the previous month, higher than forecasted, while the core PCE index - excluding food and energy prices - also rose by 0.2% and 3.3% respectively.

The strong USD has a negative impact on silver prices as it makes this precious metal more expensive for buyers using other currencies.