Spot Silver pulled back from a fresh all-time high of $83.62/oz. on Monday, as investors likely took profits following the recent sharp rally and after seemingly productive talks between Donald Trump and Volodymyr Zelenskiy on a potential peace deal.
US President Trump said over the weekend that he and Ukrainian President Zelenskiy were “getting a lot closer, maybe very close” to an agreement to put an end to the war in Ukraine.
Trump also said he was open to addressing Ukraine’s parliament, holding trilateral talks with Zelenskiy and Putin as well as meeting European leaders in January.
Silver has been underpinned by expectations of further policy easing by the Federal Reserve amid ongoing supply deficit, rising industrial demand as well as robust investment demand.
Market participants have increasingly factored in a faster pace of policy easing by the Federal Reserve in 2026, as US inflation has shown signs of moderation.
FOMC policy makers signaled just one 25 bps rate cut for next year, while investors continue to expect two rate cuts of 25 basis points each.
“Rate cuts and a continuation of robust industrial appetite paired with supply shortages could have silver primed for a run towards $100 in 2026,” KCM Trade Chief Market Analyst Tim Waterer was quoted as saying by Reuters.
Spot Silver was last down 5.59% on the day to trade at $74.91 per troy ounce.
Year-to-date, the white metal has surged 159%, while outperforming Gold.
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