Silver Price Forecast XAG/USD plummets below $31 as US Trump picks Bessent as Treasury Secretary
Silver price falls sharply below $31.00 after Scott Bessent’s appointment as US Treasury Secretary by President-elect Donald Trump.
The impact of Bessent’s pick was also viewed on the US Dollar and bond yields.
Investors await the US PCE inflation data for fresh guidance on interest rates.
Silver price (XAG/USD) plunges below $31.00 in European trading hours on Monday. The white metal weakens after the appointment of hedge fund manager Scott Bessent as Treasury Secretary by President-elect Donald Trump.
The market reaction seems to be favoring risk-perceived assets on Bessent’s selection, as S&P 500 futures have posted significant gains in the European session. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, corrects to near 107.00. 10-year US Treasury yields plummet to near 4.33%.
However, his decisions are expected to be supportive of Trump’s policies regarding trade and taxes. Bessent said in an interview with the Wall Street Journal (WSJ) that he would focus on putting tariffs into action, cutting spending, and maintaining the status of the Greenback as the world's reserve currency after Trump picked him as the highest-ranked United States (US) economic official. This could keep the US Dollar (USD) prepared for a sharp recovery.
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.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.