Spot Silver hovered above a 1-week low of $37.95 on Monday, as investor risk appetite improved following the announcement of a US-EU tariff deal.
The US and the EU reached a framework trade agreement over the weekend, which resulted in a 15% import tariff on the majority of EU goods. The agreement averted a larger trade war between the two major players in global trade.
Still, the deal left some major issues with no resolution, including tariffs on spirits.
Also, US and Chinese officials will hold a meeting in Stockholm this week to discuss an extension to the August 1st deadline for securing a trade deal.
Meanwhile, market players awaited the outcome of the Federal Reserve’s two-day policy meeting.
The Fed is widely expected to leave its federal funds rate target range intact at 4.25%-4.50% at its July 29th-30th meeting.
US President Trump said last week he held a positive meeting with Fed Chair Powell, indicating the central bank’s chief might be inclined to reduce interest rates.
Investors will also be paying close attention to the press conference with Fed’s Powell for clues over the timing of any future interest rate cuts.
Spot Silver was last up 0.04% on the day to trade at $38.19 per troy ounce.
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