XAG/USD climbs to $60.20 after Fed Chair Warsh adopts a less hawkish stance, easing rate hike expectations.
Silver prices rose for a third straight session, trading at $60.20 per ounce in Asian hours, driven by a softer tone from Federal Reserve Chair Kevin Warsh. Warsh acknowledged elevated inflation but noted easing inflation expectations, avoiding explicit guidance for July’s policy decision.
The move follows weaker-than-expected US economic data, including a 98K gain in June ADP private payrolls, below the 113K forecast, and a cooling ISM Manufacturing PMI. A decline in crude oil prices, amid eased geopolitical tensions, further supported silver’s upward momentum.
Markets interpreted the Fed’s stance as a potential pause in rate hikes, reducing pressure on non-yielding assets like silver.