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Silver Prices Hold Steady as Investors Eye Fed Moves
Solid ECN—Silver prices have stabilized above $24.5 per ounce after hitting almost a one-year high on March 20th. This happens while investors wait for speeches from the Federal Reserve's officials and the key PCE inflation data this week. These events will help them predict if the U.S. will start easing its monetary policy soon. Before this, the U.S.'s main financial authority decided not to change its plan for three interest rate decreases in 2024.
This decision made silver and similar assets without yield more attractive. Since their last meeting, the likelihood of reducing interest rates in June has increased to about 70% from the previous 55%. Meanwhile, the Swiss National Bank was among the first big banks to begin reducing its European policies. Silver continues to be supported as a safeguard against global political tensions, mainly due to ongoing conflicts in Ukraine and the Middle East. Recently, Russia has significantly attacked Ukraine's energy infrastructure.
This decision made silver and similar assets without yield more attractive. Since their last meeting, the likelihood of reducing interest rates in June has increased to about 70% from the previous 55%. Meanwhile, the Swiss National Bank was among the first big banks to begin reducing its European policies. Silver continues to be supported as a safeguard against global political tensions, mainly due to ongoing conflicts in Ukraine and the Middle East. Recently, Russia has significantly attacked Ukraine's energy infrastructure.