• Silver price is erasing Thursday’s losses up by almost 2% on Friday.
• September’s US economic data justifies the Fed’s 75 bps rate hike.
• The US Consumer Sentiment improved, showing US citizens resilience despite a worsening economic outlook.

The silver price climbed as the Wall Street close looms, gaining 1.85% during the day, caused by a soft US dollar, while US Treasury yields stalled. Positive US economic data relieve investors’ worries about the Federal Reserve hiking 100 bps instead of 75 in the next week’s meeting, while a risk-off impulse keeps global equities in the red. At the time of writing, the XAG/USD is trading at $19.54, back above the $19.00 mark.

XAG/USD CLIMBS DUE TO US T-BOND YIELDS UNCHANGED, AND A SOFT US DOLLAR

Earlier, US economic data revealed that US Consumer Sentiment continued improving, despite increasing fears that the US central bank tightening would spark a US recession. The reading ticked to 59.5, lower than estimates but above the prior month’s reading of 58.6.  

“After the marked improvement in sentiment in August, consumers showed signs of uncertainty over the trajectory of the economy.” Inflation expectations in the same report for 1-year dropped to 4.6% vs. 4,8% in August,” Joanne Hsu, director of the UoM Survey, said.

Meanwhile, the greenback is fluctuating during the session, about to finish unchanged. The US Dollar Index is down 0.02%, at 109.718, while the US 10-year benchmark note rate is at 3.449%, almost flat.