Silver prices dip near $62.30, snapping a four-day rally amid growing bets on a Federal Reserve interest rate increase.
Silver prices (XAG/USD) fell to around $62.30 per troy ounce in European trading, ending a four-day winning streak. The decline follows heightened market expectations of a Federal Reserve interest rate hike, which typically strengthens the USD and pressures precious metals.
Prior to the drop, XAG/USD had climbed steadily, supported by softer U.S. economic data and a weaker dollar. Analysts had anticipated a pullback as Fed policymakers signaled a more hawkish stance in recent weeks.
No immediate market reaction data was reported, but the shift in Fed rate expectations continues to drive volatility in commodities tied to the dollar.