Spot Silver rebounded from a 1-week low of $35.42 per troy ounce on Monday on the back of a weaker US Dollar amid rising expectations of a more dovish Federal Reserve and growing fiscal concerns.
The US Dollar Index was holding near a fresh three-year low. A softer dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
The upcoming US employment data could indicate labor market weakness and add to expectations of a July rate cut by the Federal Reserve.
Earlier, Silver came under pressure due to easing US-China trade tensions as well as reduced geopolitical risks.
According to Treasury Secretary Scott Bessent, the US and China have found a resolution to issues regarding shipments of rare earth minerals and magnets to the US.
Bessent also said the Trump administration’s various trade deals with other nations could be struck by the September 1st Labor Day holiday.
Additionally, the ceasefire between Israel and Iran appeared to be holding, while also paring demand for safe-haven assets.
Spot Silver was last up 0.28% on the day to trade at $36.09 per troy ounce.
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