Silver price clings to its earlier gains, though it failed to sustain a break above the 200-day moving average (DMA) of $23.46 after the US Federal Re
serve delivered a hawkish pause. Consequently, the Greenback advanced, underpinned by the US Treasury bond yields advancement to multi-year highs. The XAG/USD is trading at $23.24, a gain of 0.24%.XAG/USD extended its losses after the Fed heldunchanged at the 5.25%-5.50% range. Officials stressed that “Inflation remains elevated” while acknowledging the economy is expanding “at a solid pace” while the labor market remains tight.
) was also upward resided from 1% to 2.1%. The unemployment rate is expected to dip to 3.8% from 4.1%, PCE stood at 3.3%, up from 3.2%, while core PCE is foreseen to fall from 3.9% to 3.7%.said the US central bank is “prepared to raise rates further, if appropriate.” He added the Fed’s intention to keep policy at a restrictive level until they’re confident that inflation is moving towards the Fed’s2% objective.
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