Silver (XAG/USD) recovered from an initial decline and traded 0.33% higher near $38.80 during the European trading session on Tuesday (August 26th). The precious metal strengthened as market sentiment shifted slightly toward risk aversion following US President Donald Trump's firing of Federal Reserve (Fed) Governor Lisa Cook over mortgage allegations.
S&P 500 futures fell 0.15% during European trading hours. US equities continued to weaken after a weak session on Monday, indicating cautious market sentiment. Demand for safe-haven assets, such as silver, increased amidst the risk-averse market conditions.
US President Trump announced the firing of Fed Governor Cook by posting his dismissal letter on Truth.Social, stating that Cook had been removed from her position, effective immediately, for making false statements on one or more mortgage agreements.
However, Cook stated that he would continue to serve as Fed Governor. In a statement shared by his lawyer, "President Trump claimed to fire me 'for cause,' when there was no legal reason, and he had no authority to do so."
The incident is seen as a major threat to the Fed's independence, which has damaged the credibility of the US government.
Overall, strong expectations that the Fed will cut interest rates at its September policy meeting continue to support silver prices. Lower interest rates by the Fed are a good sign for non-yielding assets, such as silver. (alg)
Source: FXstreet
Silver held below $52 per ounce on Monday after losing more than 4% in the previous session when investors locked in profits after a historic rally to record highs. Improving risk sentiment, driven la...
Metals are under pressure Friday, with silver falling more than 5%, the most in six months, after a record-breaking run in recent weeks. The pullback follows a rebound in Treasury yields, supported by...
Silver hovered all-time highs above $54 per ounce on Friday and was poised to gain about 8% for the week, supported by tightening global supply and strong safe-haven demand. Markets were rattled after...
Silver held around $53 per ounce on Thursday, holding close to record highs hit earlier in the week as a global supply crunch fueled a historic rally. Tightness was most acute in the London market, wh...
Silver climbed back above $52 per ounce on Wednesday, holding close to record highs hit in the prior session as a global supply crunch fueled a historic rally. Tightness was most acute in the London m...
The Nikkei 225 stock index closed slightly lower on Tuesday after quite volatile trading. Although it briefly surged to near a psychologically important level early in the session, the gains were short-lived. Sanae Takaichi's victory as Japan's new...
The euro continued to decline against the US dollar for the third consecutive day, driven by a strengthening dollar amid hopes that the US government shutdown would soon end. Furthermore, market expectations of a possible trade deal between the US...
Gold prices fell slightly on Tuesday but remained near their all-time highs. Investors' need for safe havens amidst economic uncertainty has kept gold in demand. This uncertainty stems from the ongoing US government shutdown, despite hopes it will...
U.S. Treasury Secretary Scott Bessent said on Friday he expects to meet next week with Chinese Vice Premier He Lifeng in Malaysia to try to...
The 20-day US federal government shutdown is likely to end this week, White House economic adviser Kevin Hassett said on Monday.
"I think the...
Asia-Pacific stock markets opened higher on Monday (October 20th), as investors awaited the release of key economic data from China. Analysts expect...
The Federal Reserve will go into a policy meeting next week with its view of the economy obscured by a U.S. government shutdown that has suspended...