Silver prices retreat 1.2% to $64.14 as surging inflation expectations and a potential Fed rate hike dampen investor sentiment ahead of the upcoming CPI report.
Silver prices are lower ahead of the CPI report as rising expectations for a Fed rate hike weigh on the precious metal.
Silver futures opened at $64.14 per ounce on Friday, marking a 1.2% decline as investors brace for critical Consumer Price Index data. Rising energy costs have pushed market expectations for a Federal Reserve rate hike to 69.4%, creating near-term headwinds for the precious metal despite a 55.1% gain over the past year.
Silver is losing momentum as surging oil and gas prices increase the likelihood of a Federal Reserve rate hike, which typically exerts downward pressure on non-yielding precious metals.