Why is silver price falling today? Precious metal set for a monthly decline - The Economic Times

AI desk brief

Silver fell 0.8% to $60.98 and is set for a monthly decline, while spot gold was up 0.2% at $4,188.17/oz and US gold futures rose 1% to $4,219.90. The move is being driven by rising expectations of another Fed hike, with traders pricing a 45% chance of an October move and 89% for December ahead of today’s PCE inflation data at 1230 GMT.

UBS’s Giovanni Staunovo said higher oil prices and the increased probability of further US rate hikes are the main drivers of gold’s recent weakness. The dollar is lower on the day but still on track for a monthly gain, which continues to weigh on bullion; platinum rose 0.5% to $1,714.71 and palladium fell 0.2% to $1,220.98, with all three metals set for monthly declines.