Silver price (XAG/USD) trades with mild losses around $27.85 after retracing from the fresh three-year high of $28.53 during the early European session on Thursday.
Silver price loses momentum near $27.85 on the stronger USD on Thursday. Precious metals traders do not seem too concerned about U.S. inflation reports that came in higher than expected. Rising industrial demand and escalating geopolitical tensions in the Middle East boost the silver price. Silver price trades with mild losses around $27.85 after retracing from the fresh three-year high of $28.53 during the early European session on Thursday.
This might limit the upside of silver as the gray metal becomes less attractive compared to interest-bearing assets. Fed Funds Futures market pushed expectations for the first rate cut from June to September, according to the CME FedWatch Tool. On the other hand, rising industrial demand and its attraction to an alternative inflation hedge might cap the downside of silver prices.
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