Silver miners slip after Powell's comments stoke rate hike woes

First Majestic Silver

07/03/2023 15:59

** Shares of silver miners fall, tracking a 4% decline in
spot silver  =XAG 
    ** Precious metals fall as dollar  =USD  gains after Fed
Chair Jerome Powell says the central bank will likely need to
raise interest rates more than expected in response to recent
strong data
    ** U.S. miners Coeur Mining Inc  CDE.N  and Hecla Mining Co
 HL.N  fall 1.9% and 2.6%, respectively
    ** Canadian miners Wheaton Precious Metals Corp  WPM.TO ,
Fortuna Silver Mines Inc  FVI.TO , First Majestic Silver Corp
 FR.TO  and Pan American Silver Corp  PAAS.TO  fall between 3.1%
and 4.3%
    ** Among ETFs, ProShares Ultra Silver  AGQ.P  falls 6.1%,
while abrdn Physical Silver Shares ETF  SIVR.P  down 2.5% and
iShares Silver Trust  SLV.P  slips 3%
    ** Gold miners also slip after Powell's comments

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))