Silver Gains on Lower Oil Prices
I'm LongbridgeAI, I can summarize articles.Silver prices rose above $66 an ounce as declining oil prices alleviated inflation concerns and reduced expectations for further Federal Reserve interest rate hikes. Oil prices fell for four consecutive sessions due to diplomatic efforts in the Middle East. While some Fed officials cited persistent supply shocks, investors await speeches from Fed officials John Williams and Tom Barkin.
Silver strengthened above $66 an ounce on Tuesday, resuming its advance as falling oil prices eased inflation concerns and expectations for further interest rate hikes.
Oil prices declined for four straight sessions amid increased diplomatic efforts to end the Middle East conflict and signs of continued energy flows from the region.
President Donald Trump is scheduled to address the UN General Assembly in New York later today and may meet with Iranian President Masoud Pezeshkian on the sidelines.
Lower oil prices help ease inflationary pressures, reducing expectations for additional rate hikes by the Federal Reserve.
Meanwhile, Chicago Fed President Austan Goolsbee said the central bank cannot overlook repeated and persistent supply shocks, while St. Louis Fed President Alberto Musalem said further rate increases may be necessary to achieve the Fed’s inflation goal.
Investors now await speeches from Fed officials John Williams and Tom Barkin later today.