Silver prices fell Thursday as fresh U.S. inflation and growth figures kept the Federal Reserve’s December rate path in focus, while separate market quotes showed the metal below $53 an ounce.
Kitco’s quote at 5:59 p.m. EDT showed a $52.04 bid, down $1.80, or 3.35%. The readings are separate snapshots and do not establish a single closing price. Kitco’s bid was below the range in EconoTimes’ Oct. 23 silver price snapshots, which ran from $53.80 to $54.063 an ounce.
The Bureau of Economic Analysis (BEA) said the Personal Consumption Expenditures (PCE) price index rose 0.5% in September from August and 3.6% from a year earlier. Core PCE inflation, which excludes food and energy, increased 0.3% monthly and 3.1% annually. The BEA’s advance estimate put real gross domestic product (GDP) growth at a 3.4% annual rate in the third quarter, after 2.2% growth in the second quarter.
The figures followed the Federal Open Market Committee’s (FOMC) Oct. 28 decision to keep its federal funds target range at 3.75% to 4.00%. The 10-2 vote included dissents from Federal Reserve Governor Lisa D. Cook and Federal Reserve Bank of Cleveland President Beth M. Hammack, who favored a quarter-point increase. The committee said inflation “remains elevated.”
Reuters cited market pricing that put the chance of a December rate increase at about 80%. Associated Press and Axios reports placed it near 85%; these are reported market estimates, not a Fed forecast.
FXStreet’s AI-assisted technical analysis put the Average Directional Index near 37, while its Relative Strength Index was around 28 and its Moving Average Convergence Divergence reading was below zero. The outlet described $50 as a psychological support level, a technical level covered earlier by EconoTimes. FXStreet also said higher borrowing costs can weigh on silver demand because the metal pays no interest.
The BEA’s next Personal Income and Outlays release, covering October, is scheduled for Nov. 25 at 8:30 a.m. EST; a second estimate of third-quarter GDP is also due that day. The Fed’s next scheduled meeting is Dec. 8-9.
