FX.co ★ Silver Holds Steady as Weak Dollar Support

Silver prices remained steady at around $36 per ounce on Wednesday, marking a third day of minimal fluctuation. This stability was sustained by a weaker dollar, influenced by escalating trade and fiscal uncertainties within the US. These developments followed Federal Reserve Chair Jerome Powell's assertion on Tuesday that the central bank is adopting a patient stance towards additional interest rate adjustments, though he did not discount the possibility of easing in the upcoming meeting. Powell also highlighted that if not for the inflationary pressures from President Donald Trump's tariffs, rate reductions would have already been implemented. Investor wariness was further heightened by the Senate's narrow approval of Trump's tax-and-spending bill, which is anticipated to elevate the national debt by $3.3 trillion, thereby sending the bill back to the House for final consideration. Market attention is now concentrated on forthcoming labor market data, particularly the ADP's private payrolls report scheduled for Wednesday and the crucial June jobs report on Thursday, as indicators for the economic outlook and potential shifts in Fed policy.