The Silver price ( XAG/USD) trades in negative territory around $40.65 during the early Asian session on Monday. The white metal retreats from the 14-year-old amid the prospect of a US Federal Reserve (Fed) rate cut. The expectation for lower Federal Reserve (Fed) interest rates this year will drag the US Dollar (USD) lower and boost the Silver price.
After Friday's downbeat US jobs report, a total of three 0.25% rate cuts from the US central bank are now expected yet this year. Lower interest rates could reduce the opportunity cost of holding Silver, supporting the non-yielding white metal. The US NFP rose by 22,000 in August. This figure followed the 79,000 increase (revised from 73,000) recorded in July and below the market consensus of 75,000.
US President Donald Trump said on Sunday that individual European leaders would visit the United States (US) on Monday or Tuesday to discuss how to resolve the Russian-Ukraine war. Trump added that he was "not happy" about the status of the Russia-Ukraine war, but expressed optimism that the war would soon be settled.
Traders will closely monitor the further developments surrounding the Russian-Ukraine war. US President Donald Trump said on Sunday that individual European leaders would visit the United States (US) on Monday or Tuesday to discuss how to resolve the Russian-Ukraine conflict.
Trump added that he was "not happy" about the status of the Russia-Ukraine war. However, he expressed optimism that the war would soon be settled. Any signs of peace talks could undermine the Silver price as it is considered a safe-haven asset.
Source: FXstreet
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