Silver price recovers its recent losses registered in the previous session, trading around $26.50 per troy ounce during the Asian trading hours on Wednesday.
Silver price edges higher despite the hawkish sentiment surrounding the Fed. The prolonged higher interest rates could dampen the demand for non-yielding assets like silver. The stronger Employment Cost Index bolstered the strength of the US Dollar. However, US Dollar strengthened on the back of rising US Treasury yields. Market participants adopt a cautious stance ahead of the Federal Reserve's policy decision.
According to the CME FedWatch Tool, the probability of the Federal Reserve maintaining interest rates at their current level of 5.5% in June has surged to 91.6%, up from 81.2% a week ago. The prospect of higher interest rates increases the opportunity cost of holding non-yielding assets like Silver, dampening its appeal.
Silver Commodities Macroeconomics Silver
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