Silver price extends losses to near $30.20 per troy ounce during the European trading session on Monday.
Silver price loses ground as Fed is expected to maintain higher rates for longer. Fed officials suggested maintaining a restrictive monetary policy is needed to achieve a 2% inflation target. Silver loses its appeal as Israeli Prime Minister Benjamin Netanyahu's administration accepts the US proposal for a Gaza cease-fire. The prices of the grey metal depreciated after the US Personal Consumption Expenditure data was released on Friday.
New York Fed President John Williams also said that while inflation is currently too high, he thinks the present Fed policy is well-positioned to gradually return price increases to the Fed's target. The safe-haven Silver weakens as investors might move toward other riskier assets after Israeli Prime Minister Benjamin Netanyahu's administration reluctantly accepted US President Joe Biden's proposal for a Gaza cease-fire on Sunday.
XAGUSD Commodities Macroeconomics Silver
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