Commodities
Silver Tumbles Below $63.50 Amid Fed Rate Hike Odds
Silver prices have fallen to around $63.30 per troy ounce as investors increasingly expect a Federal Reserve rate hike in September.
A recent PPI report showed that headline inflation rose 5.4% year-over-year, higher than expected, and has strengthened expectations for a Fed rate increase next week.
The CME FedWatch Tool now shows a greater than 72% probability of a 25-basis-point rate hike, up from 61% prior to the PPI data release.
Silver prices are also being weighed down by rising oil prices due to geopolitical tensions in the Middle East and surging inflation fears.