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Silver Price Forecast: XAG/USD rises to near $31.50 due to rising hopes of Fed rate cuts

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Silver News

XAGUSD,Macroeconomics,Commodities

Silver price continues to gain ground for the third successive session, trading around $31.50 during the Asian hours on Friday.

Silver price gains ground due to rising speculation of a Fed rate cut in September. Softer US labor data fueled speculation for two interest rate cuts by the Fed in 2024. A Reuters poll has indicated that nearly two-thirds of economists now predict a rate cut in September. The appreciation of the grey metal can be attributed to the rising speculation of an interest rate cut by the US Federal Reserve in September.

This marks the highest reading since the eight-month high of 232,000 recorded in early May. Traders await the release of US employment data releases on Friday, including the Average Hourly Earnings and Nonfarm Payrolls. A Reuters poll conducted from May 31 to June 5 has indicated that nearly two-thirds of economists now predict an interest rate cut in September.

 

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