Dovish Signal, Silver Remains Down
Silver pared its weekly decline but still posted a daily decline of around 0.5% to around $48.50/ounce on Friday. Weaker-than-expected US CPI data boosted bets of two Fed rate cuts this year. The report showed headline inflation rose to 3% in September, the highest since January but below the 3.1% forecast, while core inflation fell to 3% from 3.1%.
On a weekly basis, silver remained down 6% due to profit-taking and concerns about overheated valuations following recent record highs. The previous rally was supported by safe-haven demand, industrial demand narratives (EVs, data centers, solar), and tight inventories in the London-Shanghai vaults. Looking ahead, the market awaits the Trump-Xi meeting on the sidelines of the APEC Summit next Thursday as a further determinant of risk appetite.
Source: Newsmaker.id