Silver price (XAG/USD) falls slightly from weekly high of $27.50 but manages a firm-footing above the crucial support of $27.00 in Tuesday’s late European session.
Silver price exhibits gains above $27.00 due to deepening optimism over Fed reducing rates in September. Weak US labor market boosts expectations of Fed rate cuts. Lower bond yields improve demand for Silver . Silver price falls slightly from weekly high of $27.50 but manages a firm-footing above the crucial support of $27.00 in Tuesday’s late European session. The white metal holds strength as investors remain optimist about the Fed eral Reserve reducing interest rates in the September meeting.
Meanwhile, deepening risks of Israel extending operation to Rafah, the southern part of Gaza, have improved the appeal of bullions. The Israel assault at Gaza is expected to worsen further as it has denied ceasefire proposal, which was agreed by Hamas, stating that it doesn’t meet their demands. Risks of geopolitical uncertainty are favorable for safe-haven assets such as Silver.
Fed Inflation Dollarindex XAGUSD Silver
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