Silver (XAG) Daily Forecast: Price at $30.77; Rate Cut Speculation at 73%

Federal Reserve’s Potential Rate Cuts and Silver Price

The possibility of the Federal Reserve cutting interest rates has been a key factor in the Silver price forecast. The US 10-year Treasury bond yield fell by nearly two basis points to 4.27%, reflecting market expectations of a Fed rate cut.

According to the CME FedWatch Tool, there is a 73% probability of a rate cut in September, up from 71% last Friday. This anticipation has kept the XAG/USD price in focus for investors.

Global Economic Events and XAG/USD Price Movement

Global economic events continue to play a significant role in the Silver price forecast. The People’s Bank of China’s decision not to buy Silver in June, after purchasing in May, affected market sentiment.

Additionally, the upcoming US economic docket, including Fed Chairman Jerome Powell’s Congressional Testimony and inflation figures, will be crucial in determining future XAG/USD price movements.

Analysts expect US CPI to decrease from 3.3% to 3.1% year-over-year in June, with core inflation steady at 3.4%.

The Silver market remains sensitive to these economic indicators and events, with the XAG/USD price forecast reflecting the broader economic environment. Investors should keep an eye on these developments to gauge the potential direction of Silver prices.