As U.S. inflation data approach, silver traded near $53 per troy ounce in Asian hours Monday, FXStreet reported, while Reuters linked an oil-price decline to President Donald Trump’s Iran remarks.
Brent crude futures fell 84 cents, or 0.85%, to $97.48 a barrel, while West Texas Intermediate futures lost 32 cents, or 0.35%, to $90.51 by 8:38 p.m. ET Sunday (01:38 GMT Monday), Reuters reported.
On Sunday, Trump told CNN that additional U.S. strikes were unlikely if negotiations moved forward and Iran signed an agreement he described as “very strong.” Reuters said oil fell despite reports from the United States and Iran that shipping had been hit in or near the Strait of Hormuz.
FXStreet’s quote referred to spot silver, listed as XAG/USD, while Reuters reported crude futures for Brent and West Texas Intermediate. The reports tracked different types of market prices.
FXStreet linked lower oil with easing inflation pressure, presenting that as its interpretation of silver’s movement. The outlet also noted that silver pays no yield and is priced in U.S. dollars, so interest-rate expectations can affect its appeal.
FXStreet said CME FedWatch showed a probability above 78% of a 25-basis-point rate hike at the Federal Reserve’s December meeting. CME says the tool’s probabilities are implied by prices for 30-day fed funds futures. That figure is a futures-derived market estimate, not a Fed decision.
The U.S. Bureau of Labor Statistics (BLS) reported payroll employment rose by 165,000 in October and unemployment was 4.1%. The agency revised September’s gain to 60,000 from 29,000 in its release at 8:30 a.m. ET Friday, Nov. 6.
The October consumer price index (CPI) report is scheduled for Tuesday, Nov. 10, at 8:30 a.m. ET, followed by the producer price index (PPI) on Friday, Nov. 13, at the same time. The Federal Reserve’s next policy meeting is scheduled for Dec. 8-9.
