FX.co ★ Silver Holds Firm on Dovish Fed Bets

Silver maintained its position around $37.4 per ounce on Tuesday, sustaining gains from the previous two sessions, as expectations of a dovish Federal Reserve stance continued to bolster precious metal markets. This upward trend was driven by a US jobs report that fell short of expectations, strengthening market predictions for a potential interest rate cut in September. Currently, traders are factoring in over 60 basis points of rate reductions by the end of the year. Investors are attentively monitoring forthcoming economic indicators, such as June trade figures and the ISM PMI, to gain deeper insights into the US economic outlook. Regarding trade developments, President Donald Trump issued a warning of significantly increased tariffs on India in response to its ongoing imports of Russian oil. Meanwhile, the European Union decided to postpone introducing retaliatory tariffs against the US for six months, providing additional time for negotiation efforts.