FX.co ★ Silver Pressured by Dollar Strength

On Tuesday, silver prices struggled to gain traction, remaining beneath the $38.20 per ounce mark and teetering near two-week lows. This trend persisted as the robust US dollar exerted downward pressure on the market. The dollar's vigor is bolstered by recent global trade pacts perceived as advantageous to the US economy. President Donald Trump indicated on Monday that nations failing to secure separate trade agreements could face tariffs ranging from 15% to 20%, significantly higher than the initial 10% introduced in April. Meanwhile, investors' attention remains fixed on the ongoing US-China trade discussions in Stockholm, where both parties are striving to extend their tentative truce by an additional 90 days, ahead of the approaching August 12th deadline. Market participants are also eagerly awaiting the Federal Reserve's policy decision, expected on Wednesday. Although the Fed is anticipated to maintain current rates, traders will scrutinize any indications of a potential rate cut in September.