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
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