Silver prices dropped 1% to around $30.70 per ounce on Monday, giving back gains from the previous week and following a decline in gold prices as safe-haven demand for precious metals waned.
The pullback came after US President-elect Donald Trump nominated hedge fund manager Scott Bessent as Treasury Secretary, reducing some market uncertainty. Bessent has signaled his support for Trump's tariff and tax cut plans, but markets expect him to prioritize economic and market stability over implementing sudden policy changes.
Additionally, media reports indicated that Israel and Hezbollah, based in Lebanon, are nearing a ceasefire agreement, which could ease geopolitical tensions in the Middle East, further reducing the appeal of safe-haven assets.
Source : newsmaker.id
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