FX.co ★ Silver Holds Firms Amid Weaker Dollar, Yields

Silver prices remained steady around $38.90 per ounce on Tuesday, staying close to 14-year highs. This was bolstered by a weaker dollar and lower Treasury yields, which continued to fuel demand for precious metals. Investors are cautiously monitoring the progress of trade negotiations as the August 1 deadline for agreements with the United States approaches. In terms of monetary policy, the market is closely watching for comments from Federal Reserve Chair Jerome Powell later today for indications regarding interest rate adjustments. Although President Trump has increased pressure for rate cuts, traders have yet to factor in a rate change for this month. Supporting the silver market, China's industry ministry has committed to stabilizing growth in key sectors, including machinery, autos, and electrical equipment. The plan also extends to ten major industries, such as steel, nonferrous metals, petrochemicals, and construction materials.