Silver price surges for second-straight day
Silver (XAG/USD) extends its gains for the second consecutive day, trading around $29.50 per troy ounce during Asian trading hours on Friday.
Non-yielding Silver is benefiting from a lower opportunity cost as expectations grow for a US Federal Reserve interest rate cut in September, News.Az reports citing foreign media.Investors await July’s US Personal Consumption Expenditure (PCE) Price Index scheduled to be released later in the North American Session, seeking clues about the future direction of US interest rates.
Federal Reserve Atlanta President Raphael Bostic, a prominent hawk on the FOMC, indicated on Thursday that it might be "time to move" on rate cuts due to further cooling inflation and a higher-than-expected unemployment rate. However, he wants to wait for confirmation from the upcoming monthly jobs report and two inflation reports before the Fed's September meeting.
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