Spot Silver pulled back from a 2-week high of $38.50 on Monday, as easing geopolitical tensions surrounding the war in Ukraine weighed on the metal’s safe-haven appeal.
US President Donald Trump said on Friday he would meet Russia’s President Vladimir Putin on August 15th in Alaska to discuss an end to the conflict in Ukraine.
Meanwhile, market players awaited the key US CPI inflation data, due on Tuesday, that may provide further clues over the Federal Reserve’s monetary easing path.
Annual core CPI inflation probably picked up to 3% in July, according to market consensus, from 2.9% in June.
Markets are now pricing in a 90% chance of a 25 basis point rate cut in September amid signs of a weakening labor market.
Silver was last down 1.12% on the day to trade at $37.90 per troy ounce.
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