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6/15/2021 11:34:31 PM GMT | By Anil Panchal
Silver consolidates losses from eight-day low, picks up bids of late.
Sluggish markets trigger corrective pullback amid a lack of major catalysts.
Fed Chair Powell pressured to accept reflation fears, dot-plot also eyed.
Silver portrays a corrective pullback from a one-week low around $27.70, up 0.12% intraday, amid the initial Asian session trading on Wednesday. In doing so, the white metal snaps a three-day downtrend as markets brace for the US Federal Open Market Committee (FOMC) meeting.
A contrasting play of the US Retail Sales and Producer Price Index for May offered the latest contribution to the market’s indecision over the Fed’s next moves amid reflation fears. While Retail Sales dropped 1.3% versus -0.8% expected, PPI rose more than 6.3% forecast to 6.6% YoY.