Silver Prices Kept Falling amid the Hawkish Remarks in the Market

SHANGHAI, Sep 28 (SMM) - Recently, many US Fed officials have been more consistent in their stances, and they support continuing the rate hikes to curb inflation to an acceptable level. The August PCE price index, which the Fed regards as an inflation indicator, will be released this Friday. The market expects the PCE index in August to rebound from a decrease of 0.1% to an increase of 1% month-on-month. Silver prices kept dropping amid the hawkish remarks. On September 28, the average ex-factory price of SMM #1 silver was 4,299 yuan/kg, down 22 yuan/kg or 0.5% from the previous trading day. SMM survey showed that premiums of spot silver TD today were about 0-1 yuan/kg, and some companies considered selling their goods at discounts before the National Day holiday to withdraw funds. And the premiums quoted by big manufacturers were around 2 yuan/kg. The prices of silver nitrate today were 2,795-2,875 yuan/kg. Due to the suspension of silver trading during the National Day holiday, some companies made some pre-holiday stockpiling.