Silver Price Forecast: XAG/USD slides below $73.00 as Fed cuts bets fade on oil
Silver price (XAG/USD) halts its five-day winning streak, falling over 2.5% and trading around $73.80 per troy ounce during the Asian hours on Monday. The non-interest-bearing white metal loses appeal as the effective shutdown of the Strait of Hormuz drives energy prices higher, heightening inflation and reinforcing expectations that the Federal Reserve (Fed) and other central banks may delay rate cuts or even tighten policy further.
West Texas Intermediate (WTI) opened the week with a bullish gap, trading about 7.5% higher near $97.10 per barrel at the time of writing. Crude oil prices rise due to the re-escalation of the conflict between the United States (US) and Iran.
US President Donald Trump said Washington would begin blockading all ships entering or leaving the Strait of Hormuz after US–Iran peace talks in Islamabad collapsed. The US Central Command (CENTCOM) added that forces will start blockading all maritime traffic to and from Iranian ports at 10 AM ET (14:00 GMT) on Monday.
Stronger US Consumer Price Index (CPI) March data reinforced the Federal Reserve’s (Fed) higher-for-longer stance. The US Bureau of Labor Statistics (BLS) reported on Friday that annual CPI rose to 3.3% in March from 2.4% in February, matching expectations. On a monthly basis, CPI increased 0.9% after 0.3% previously. Meanwhile, core CPI rose 0.2% month-over-month and 2.6% year-over-year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Microsoft (MSFT.US) 365 services experience second major outage this year, affecting multiple government agencies and enterprises worldwide
Despite a "partial recovery," the latest Microsoft service outage continued into Asia-Pacific business hours.
Nvidia (NVDA.US) New CEO Candidates and Market Predictions: Trump Nominates Cook as Successor
As the successor remains uncertain, external voices have already begun to "make choices" for Nvidia.
Safe haven halo fails? US Treasury sell-off returns, Wall Street just breathed a sigh of relief and is startled again
Just as global bond investors began to believe that the worst phase of this year's sell-off had passed, the surge in U.S. Treasury yields has forced them to reassess that judgment.
Before the Jensen Huang scandal broke out, the Quant King precisely cleared out Nvidia!
The latest 13F filing shows that quantitative giant Renaissance Technologies almost completely sold off its holdings in Nvidia (reduced by 99.7%), Meta (reduced by 99.9%), as well as other tech giants like Apple and Amazon in the third quarter, and significantly reduced its position in Palantir. At the same time, it heavily increased its holdings in Micron Technology (up by 618.7%), AMD, and SanDisk, as well as other storage and chip stocks.
Crypto prices
More
