Silver prices climbed above $31 per ounce on Tuesday, extending gains from the previous session as the dollar rally paused and investors reassessed the outlook for Federal Reserve monetary policy. The dollar faced a wave of profit-taking following its recent rally which was driven by expectations of fewer Fed rate cuts and optimism about US economic outperformance under the incoming Trump administration.
Investors are now waiting for more comments from Fed officials this week for further guidance on the US interest rate path. Markets are also focused on China's upcoming LPR decision, with hopes that the authorities will implement additional stimulus measures to boost economic growth. Meanwhile, geopolitical tensions escalated as US President Joe Biden authorized Ukraine to use US-made weapons for strikes deep within Russia. This has raised concerns about a broader global conflict and spurred renewed demand for safe-haven assets like silver.
Source: Trading Economics
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