Spot Silver registered a fresh 20-week high on Tuesday, as heightened geopolitical risks prompted a rush to safe haven assets.
The Israeli Defense Forces initiated a series of strikes overnight after Hamas refused to release hostages as part of a ceasefire agreement. The truce between Israel and Hamas lasted for just a few weeks.
In other news, US President Donald Trump on Monday warned that Iran would be held directly responsible for any further attacks by Yemen’s Houthi rebels against US and other foreign vessels in the Red Sea.
Trump is also expected to speak to Russian President Vladimir Putin today about ending the conflict in Ukraine.
Meanwhile, market players focused on the outcome of the Federal Reserve’s two-day policy meeting to assess US economic outlook amid global trade fears.
The Fed is widely expected to leave its federal funds rate target range intact at 4.25%-4.50% at its March 18th-19th meeting.
Investors will be paying close attention to the press conference with Fed Chair Jerome Powell for clues over the timing of any future interest rate cuts.
Additionally, new FOMC economic forecasts will offer the most tangible evidence yet of how policy makers perceive the potential impact of the Trump administration’s tariff policies.
Spot Silver was last up 0.70% on the day to trade at $34.10 per troy ounce. Earlier, the commodity went up as high as $34.12, or its highest price level since October 30th 2024.
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