Silver's Rebound Faces Test from US CPI Data

Analyst Giuseppe Dellamotta noted that since last Tuesday, silver has been rising continuously due to hopes of an agreement between the US and Iran, with a weaker-than-expected non-farm payroll report also providing support. However, the upward momentum of silver seems to be weakening, and today's US CPI data could be crucial for sustaining the rally. The CPI data is vital for the September FOMC decision and for Federal Reserve Chairman Waller's speech at the Jackson Hole symposium. The market will focus on the month-over-month core CPI data, which is expected to be 0.2%. If the data exceeds expectations, it could trigger short-term selling, leading traders to increase bets on interest rate hikes; conversely, if the data is weak or in line with expectations, it could reduce the risk of the Federal Reserve tightening policy and provide new upward momentum for silver.

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