**Breaking News: Silver Extends Losses to $63.30 on Fed Rate Hike Expectations**
Silver prices continued their downward slide for a second consecutive session Friday, falling below $63.50 to trade around $63.30 per troy ounce during Asian market hours. The precious metal is under sustained pressure as market participants increasingly price in the likelihood of a Federal Reserve interest rate hike in September.
The selloff reflects growing conviction among traders that the Fed will tighten monetary policy next month, strengthening the dollar and making non-yielding assets like silver less attractive to investors. Higher interest rates typically boost the greenback while diminishing demand for precious metals, which offer no income stream and become costlier for holders of other currencies.
The consecutive daily losses signal mounting bearish momentum for silver traders, with technical support now being tested at current levels. Commodity brokers and metals dealers should monitor Fed commentary closely in coming sessions as rate expectations drive directional movement.
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FXnCO Insight
** Silver traders should prepare for continued volatility and potential further downside as September Fed meeting approaches, with dollar strength likely maintaining pressure on precious metals positions.
Source: FXStreet