Silver (XAG/USD) prices posted modest gains near $35.95 during the Asian session on Wednesday (6/25). A weaker US Dollar (USD) provided some support to the USD-denominated commodity prices. Traders are gearing up for Federal Reserve (Fed) Chairman Jerome Powell's testimony later on Wednesday.
US consumer confidence fell again in June amid uncertainty over US President Donald Trump's trade policies. Data released by the Conference Board on Tuesday showed that the US Consumer Confidence Index fell to 93 in June, below market consensus. The downbeat US economic data dragged the US Dollar lower and benefited Silver prices.
On the other hand, the ceasefire between Iran and Israel appears to be holding, with both sides saying they will respect the truce if the other side does the same. Investors expect the ceasefire between the two countries to ease fears of a wider war, which has dampened alternative safe-haven assets such as Silver.
Investors will be closely monitoring developments surrounding the Israel-Iran conflict. Israeli Prime Minister Benjamin Netanyahu has said the country will strike again if Iran resumes its nuclear program. Any sign of escalation could boost precious metal prices in the near term. (alg)
Source: FXstreet
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