Spot Silver slid more than 1.5% on Monday, extending the loss from the prior week, as signs of easing US-China trade tensions seemed to have reduced the safe-haven allure of the precious metal.
Top economic officials from US and China over the weekend hashed out the framework of a trade deal for US President Donald Trump and Chinese President Xi Jinping to decide on this week.
US Treasury Secretary Scott Bessent said that President Trump’s threat of a 100% tariff was “off the table.” Bessent also said China had agreed to pause for one year its planned expansion of rare earth export controls.
Meanwhile, the latest soft US CPI data added to expectations of further Federal Reserve interest rate cuts by year-end.
Markets are now pricing in about a 97% chance of a 25 basis point Fed rate cut in October and a 95% chance of another 25 bps cut in December.
Spot Silver was last down 1.59% on the day to trade at $47.84 per troy ounce.
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