Silver July futures trade flat at $70.14 but remain up 9.9% week-over-week ahead of the Fed’s rate decision later today.
Silver July futures opened at $70.14, unchanged from Tuesday’s open, but up 9.9% since last Wednesday. The metal held at $70.06 as of 7:06 a.m. ET, supported by market caution ahead of the Federal Reserve’s two-day meeting conclusion and a U.S.-Iran agreement expected Friday.
The precious metal’s weekly gain contrasts with a 13% decline over the past month and a 90.5% rise year-over-year. Silver’s year-over-year growth peaked at 173.3% on May 14. Markets assign a 42.2% probability of a Fed rate hike by year-end, per CME Group’s FedWatch tool, which could weigh on silver prices.
Higher interest rates typically pressure non-yielding assets like silver, though no immediate rate move is expected from today’s Fed decision.