Spot Silver extended a pullback from recent 3-week high of $33.68 on Monday, as easing trade tensions between the US and China reduced the safe haven appeal of the metal.
A firmer US Dollar was also weighing on the commodity.
The partial rollback of tariffs on some US imports by China was perceived as a positive step towards further de-escalation in US-China trade tensions.
US President Donald Trump said that trade negotiations with Chinese officials were underway, but China quickly knocked down such an assertion.
In the meantime, many participants in the International Monetary Fund and World Bank Spring Meetings claimed the Trump’s administration was still conflicted in its demands from trading partners, which faced tariffs.
The US Dollar Index was last up 0.10% to 99.701.
A firmer dollar makes dollar-priced Silver less appealing to international investors holding other currencies.
A string of key economic indicators is poised to shape market sentiment this week. Investors will be particularly focused on Wednesday’s scheduled release of the Personal Consumption Expenditures (PCE) Index. This metric is closely monitored by the Federal Reserve as its preferred gauge of inflation and is expected to reveal the extent to which tariffs are affecting the core expenses faced by the public.
Another highlight will be Friday’s Non-Farm Payrolls report, which may provide more clues on the Fed’s monetary easing path.
Spot Silver was last down 0.40% on the day to trade at $32.97 per troy ounce.
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