Silver price (XAG/USD) holds mild losses after two days of gains, trading around $38.20 per troy ounce during the Asian hours on Friday. The non-interest-bearing Silver attracts some sellers as the upbeat economic data from the United States (US) has dampened the likelihood of the Federal Reserve (Fed) easing monetary policy. It is important to note that higher interest rates make precious metal Silver less attractive for investors seeking higher returns.
US Retail Sales rose by 0.6% month-over-month in June versus -0.9% prior. This figure came in above the market consensus of 0.1%. Meanwhile, the annual Retail Sales climbed 3.9%, compared to a rise of 3.3% in May. Moreover, Initial Jobless Claims for the week ending July 12 fell to 221K from 228K, and came in below the expected 235K.
Furthermore, Federal Reserve Governor Adriana Kugler noted that it is appropriate to keep the policy rate of interest steady "for some time," given low unemployment and building price pressure from tariffs. Kugler highlighted that inflation remains above the 2% target, and the labor market is stable and resilient.
Source: FXStreet
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