Silver price retraces its recent losses registered on Thursday, trading around $29.70 per troy ounce during the Asian hours on Friday.
Silver price appreciated as higher Initial Jobless Claims contributed to the expectations of the Fed reducing rates in September. Fed officials suggested prolonging of higher rates as pricing pressure persists in the US economy. The US Dollar gains ground as the Fed adopts a cautious stance regarding the potential rate cuts in 2024. The price of the grey metal as investors turn cautious following the higher-than-expected Initial Jobless Claims released by the US Department of Labor on Thursday.
Reuters reports on Thursday, Atlanta Fed President Raphael Bostic said at an event in Jacksonville that the need for patience with interest rates, noting that substantial pricing pressure persists in the US economy. Additionally, Cleveland Fed President Loretta Mester indicated that it might take longer than anticipated to confidently ascertain the inflation trajectory, suggesting that the Fed should maintain its restrictive stance for an extended period.
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