Silver prices edged lower to near $31.40 per troy ounce during the early European session on Tuesday.
Silver price edges lower as investors adopt caution ahead of looming US PCE Inflation. The hawkish sentiment surrounding the Fed’s stance on maintaining higher interest rates weakens non-yielding assets like Silver . The escalated situation in the Middle East could provide some support for safe-haven assets like Silver .
However, the decline in the US Dollar could help Silver attract buyers, as it becomes cheaper for investors and consumers using other currencies. This increased affordability can lead to higher demand for silver from overseas buyers, driving up its price. Additionally, escalated geopolitical tensions in the Middle East could provide some support to the safe-haven Silver.
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