Silver price (XAG/USD) attracts some sellers near $30.60 on Friday during the early European trading hours.
Silver price edges lower to $30.60 amid the firmer US Dollar on Friday. The weaker US data boosted bets for rate cuts from the Fed this year, weighing on the Silver price. Traders will take more cues from the advanced reading of US S&P Global PMI data for June. Silver price attracts some sellers near $30.60 on Friday during the early European trading hours. The white metal edges lower amid the stronger US Dollar .
Traders have priced in nearly 64% odds of a Fed rate cut in September, according to CME FedWatch Tool. A lower interest rate generally lifts the Silver price as it reduces the opportunity cost of holding non-yielding assets. “The market is starting to increasingly expect the U.S. central bank to start its easing program. I suspect we might be getting some long positions getting installed into the market,” said Bart Melek, head of commodity strategies at TD Securities.
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