Silver prices rose to $57.60 per troy ounce on Monday, supported by a softer US dollar and diminishing market expectations for a Federal Reserve rate hike in October.
Silver prices are experiencing upward momentum, trading near $57.60 per troy ounce, as market sentiment shifts due to a reduction in expectations for a Federal Reserve rate hike in October. This decline in hawkish monetary policy outlooks has weakened the US dollar, providing a supportive environment for precious metals like silver.
Silver is trading around $57.60 per troy ounce during Asian hours.
The gain is primarily driven by fading expectations for a Federal Reserve rate hike in October, which weakens the dollar.
Silver prices climbed to $57.60 per troy ounce during Monday's Asian trading session, recovering from previous losses. The precious metal gained momentum as market participants reduced expectations for a Federal Reserve interest rate hike in October, weakening the US dollar.
Silver is gaining ground primarily because market expectations for a Federal Reserve interest rate hike in October have faded, which typically weakens the US dollar and boosts non-yielding assets like precious metals.