Silver prices (XAG/USD) strengthened slightly near $38.00 during the European trading session on Monday (August 18th). The white metal attracted a few bids due to slightly cautious market sentiment, with investors awaiting the meeting between United States (US) President Donald Trump and Ukrainian President Volodymyr Zelenskyy at the White House on Monday.
US Secretary of State Marco Rubio has confirmed that several European and NATO members will join Trump and Zelenskyy at the White House to discuss concessions proposed by Russian leader Vladimir Putin to end the war in Ukraine.
Signs of a ceasefire between Russia and Ukraine would be negative for safe-haven assets, such as silver, which tend to perform strongly amid rising geopolitical tensions.
However, strong expectations that the Federal Reserve (Fed) will cut interest rates at its September meeting continue to support silver prices. Lower interest rates by the Fed are a positive sign for non-yielding assets, such as silver.
According to the CME FedWatch tool, the probability of the Fed cutting interest rates in September is 82.6%. Traders remain confident of a Fed rate cut at next month's policy meeting due to easing labor market conditions. (alg)
Source: FXstreet
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