Silver price hovers around $28.00 with Fed policy meeting in focus.
The Fed is expected to cut interest rates in September.
Renewed risks of Middle East tensions improve safe-haven appeal.
Silver price (XAG/USD) trades in a tight range near $28.00 in Monday’s North American trading session. The white metal stays on the sidelines with a focus on the Federal Reserve’s (Fed) monetary policy decision, which will be announced on Wednesday.
The precious metal steadies amid firm speculation that the Fed will deliver a dovish guidance on interest rates with an unchanged decision leaving them at their current level for the eighth time in a row. The Fed is expected to acknowledge that inflation has returned to the path of 2% with some progress and will highlight upside risks to labor market conditions.
Meanwhile, renewed risks of widening Middle East woes have also offered a temporary cushion to the Silver price. The precious metals, such as Gold and Silver, tends to perform better amid geopolitical uncertainty. The safe-haven appeal of the US Dollar (USD) has also improved. The US Dollar Index (USD), which tracks the Greenback’s value against six major currencies, jumps to a fresh two-high high to near 104.70.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.