XAG/USD rises to $60.35, breaking a two-day decline, as traders await June FOMC meeting insights amid geopolitical tensions.
Silver (XAG/USD) climbed to $60.35 during early European trading on Wednesday, reversing a two-day losing streak. The gain follows a softer US Dollar (USD) as markets brace for the release of the Federal Reserve’s June meeting minutes later in the day.
Traders are pricing in an over 80% chance of at least one 25 basis points rate hike by year-end, according to CME Group’s FedWatch tool. However, the minutes predate the weaker-than-expected June Nonfarm Payrolls report, potentially limiting their relevance to current market expectations.
Geopolitical risks persist after US strikes on Iran, raising energy-driven inflation concerns. Despite this, silver’s upward move reflects short-term positioning ahead of the Fed’s communication.