Silver climbed above $38 per ounce on Monday, recouping some losses from last week as investors turned their attention to a key meeting in Washington between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy amid efforts to reach a peace deal with Russia.
Trump said he would press Zelenskiy to reach a quick settlement following his Friday talks with Russian President Vladimir Putin. While no ceasefire breakthrough was achieved, Putin agreed to allow the US and Europe to provide Ukraine with robust security guarantees as part of a potential deal to end the war.
Investors also looked ahead to the Federal Reserve's Jackson Hole symposium this week for guidance on the outlook for interest rates. Markets are pricing in an 84% chance of a 25 basis point cut in September, though stronger-than-expected producer inflation and retail sales have reduced the likelihood of a larger 50 basis point move.
Source: Trading Economics
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