Silver Under Pressure Ahead of US Job Openings Data

Silver prices are holding onto losses below $61 ahead of US Job Openings data on Tuesday. The metal remains under pressure as financial markets remain confident that the Federal Reserve will deliver more interest rate hikes this year, which boosts yields on interest-bearing assets and diminishes the appeal of non-yielding assets like Silver.

According to TD Securities, an October hike is looking more likely, with economists arguing that the Fed will be unlikely to regain its confidence in inflation progress before the October meeting. With most participants expecting further tightening, they contend it doesn't make sense to wait until December to hike again.

The CME FedWatch tool shows a 70% chance that the Fed will hike interest rates in the October policy meeting. Meanwhile, investors await the United States JOLTS Job Openings data for August, which is expected to show that employers posted 7.23 million fresh jobs, marginally lower than 7.271 million in July.

On the technical front, Silver trades at $60.63, keeping a bearish near-term tone as spot holds well below the 20-period Exponential Moving Average (EMA) at $64.30. The metal remains capped by this overhead dynamic barrier, suggesting that sellers retain control after the recent decline.