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Commodity News Details
Weekly Silver Review: COMEX Futures Test Six Week Low
29-Jun-2024 13:00
Silver prices held below $29 per ounce, close to a six-week low, pressured by a strong dollar following hawkish remarks from Fed Governor Michelle Bowman, who indicated that elevated inflation makes it premature to cut rates. The Fed's cautious stance contrasts with other central banks. COMEX Silver futures have stayed slippery in last few days. The commodity is tracking weakness in COMEX Copper futures and a subdued action in Gold is also weighing on the sentiments. Overall mood remains sluggish after a break under $30 per ounce this week. Prices have soared sharply, topping a decade high above $32 per pound in mid-May 2024 before pulling back and selling pressure has been visibly dominant thereafter.

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