Spot Silver eased on Tuesday, reversing a gain from the prior trading day, as investor optimism regarding a potential ceasefire between Russia and Ukraine weighed on demand for safe-haven assets.
Yesterday US President Donald Trump spoke with Russia’s President Vladimir Putin and announced Russia and Ukraine would immediately begin negotiations aimed at a ceasefire.
Meanwhile, Moody’s lowered US’ top sovereign credit rating by one notch (from Aaa to Aa1) last week, as the agency cited concerns over the country’s rising debt. The downgrade placed Moody’s assessment in line with the other major credit rating firms.
Several Federal Reserve officials are expected to make speeches later in the day, with market participants looking for more insight into macroeconomic conditions and the Fed’s future policy trajectory.
About 54 basis points of Fed rate cuts by year-end are now priced in, as early as October.
Spot Silver was last down 0.14% on the day to trade at $32.32 per troy ounce.
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