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Home Silver Price Silver Prices Hold Steady Amid Geopolitical Tensions

Silver Prices Hold Steady Amid Geopolitical Tensions

by anna

In Monday’s Asian session, the price of silver (XAG/USD) maintained a relatively stable position around $29.00 per troy ounce, showing minor losses. Despite this slight dip, the safe-haven appeal of silver remains intact, buoyed by escalating geopolitical tensions.

Over the weekend, conflicting statements from Hamas and Israel have clouded the prospects of a ceasefire agreement. Hamas’ rejection of the terms for a potential deal, citing new obstacles introduced by Prime Minister Benjamin Netanyahu, has hindered progress in negotiations, as reported by Reuters based on information from the Times of Israel.

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Prime Minister Netanyahu’s upcoming meeting with US Secretary of State Antony Blinken, followed by negotiations in Cairo, is crucial in the ongoing efforts to reach a resolution. The US has outlined plans for further discussions this week with the aim of finalizing an agreement by week’s end.

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Meanwhile, tensions between Ukraine and Russia have escalated, with Ukraine initiating its largest invasion of Russia since World War II. A video released by the ministry showcased General Valery Gerasimov, the Russian military operations commander, overseeing operations in Ukraine and setting directives for future actions, according to Reuters.

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The silver market may see upward momentum in the face of potential Federal Reserve interest rate cuts starting in September. Recent US economic data, including strong Retail Sales figures and indications of easing inflation as reflected in the Producer Price Index (PPI) and Consumer Price Index (CPI), support this outlook.

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Federal Reserve Bank officials have emphasized a cautious approach to monetary policy adjustments. Federal Reserve Bank of San Francisco President Mary Daly advocated for a gradual reduction in borrowing costs, while Federal Reserve Bank of Chicago President Austan Goolsbee warned against maintaining restrictive policies longer than necessary, as reported by the Financial Times.

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