Silver Stuck in Neutral as Fed Meeting Looms

The XAG/USD pair remains in a tight range around $65.26 for a week, holding above the 20-day Exponential Moving Average (EMA) at $62.53.

According to BNY Markets' John Velis, traders do not expect the Federal Reserve to deliver an interest rate hike in the September policy meeting due to weak US economic data for July.

The decline in consumers' retail spending and well-behaved inflation data have led to a shift in pricing, with current expectations showing less than a full chance of a hike by the end of the year.

Despite this, Velis cautions that there's always a risk geopolitics will heat up further, sending energy prices and headline inflation higher.