Silver traded near USD 38 per ounce, bolstered by strong speculative positioning and investment inflows while being capped by lowering geopolitical risk and persistent inflationary data. US President Trump engaged with European leaders and President Putin on resolving tensions with Ukraine, which could diminish safe-haven silver demand if conflicts ease. Market sentiments indicate potential Federal Reserve interest rate cuts, which may further pressure silver prices and affect US treasury yields. A bullish positioning scenario exists for silver with notable net long positions from traders and significant inflows into silver-backed ETPs.
Silver traded within a tight range on Tuesday, holding near USD 38 per ounce, supported by robust speculative positioning and resilient investment flows.
US President Donald Trump held talks with European leaders and confirmed ongoing efforts with Russian President Vladimir Putin to arrange a direct meeting with Ukraine's Volodymyr Zelensky.
Inflationary pressures persist as US producer prices rose far above expectations, leading markets to price in a 25 bp cut in September and another in December.
The latest COT painted a bullish scenario for silver, showing non-commercial traders holding net long positions and silver-backed ETPs recording net inflows of 95 million ounces in H1.
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