Silver Price Forecast: XAG/USD falls to near $67.50 as oil, Fed hike fears weigh
Silver price (XAG/USD) remains subdued for the second successive day, trading around $67.70 per troy ounce during the Asian hours on Monday. The non-yielding white metal declines as renewed tensions in the Middle East drive oil prices higher and fuel concerns about inflation and interest rates.
The BBC reported on Monday that the Israel Defense Forces (IDF) reportedly struck military targets in Iran following an Iranian missile salvo aimed at northern Israel. This escalation occurred despite US President Donald Trump's criticism of previous Israeli strikes in Beirut and his active push for a diplomatic resolution between Prime Minister Netanyahu and Tehran.
Earlier, Iran launched multiple rounds of missiles toward Israel, warning against further military action in Lebanon and threatening a fragile ceasefire amidst stalled peace negotiations. Although Israel's military reported that all incoming missiles were successfully intercepted with no casualties, the escalation severely rattled energy markets.
Meanwhile, stronger-than-expected US employment data weighed on precious metals, including Silver, by reinforcing expectations that the Federal Reserve (Fed) could raise interest rates later this year. US Nonfarm Payrolls (NFP) increased by 172,000 jobs in May, compared to 179,000 (revised from 115,000) in the previous reading, and the Unemployment Rate held at 4.3% during the same period.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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