
Silver fell below $50 per ounce on Friday and was on track for a weekly loss above 5%, near its year-to-date low of $48.62. The move followed CPI and PPI data that exceeded expectations and hawkish Fed comments, which pushed traders to fully price in a December rate hike.
Aggressive Fed tightening expectations are strengthening the dollar and lifting yields, a macro headwind for dollar-priced commodities. The effect on feed commodities is indirect and relates to financial conditions rather than supply.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.