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- Silver falls on Tuesday as investors remain cautious ahead of Kevin Warsh’s Senate confirmation hearing.
- Warsh’s nomination to lead the Fed previously triggered a sharp correction in the white metal.
- Strong US Retail Sales data support the US Dollar and weigh on precious metals.
Silver (XAG/USD) trades lower on Tuesday, hovering around $78.20 at the time of writing, down 1.88% on the day. Investors are adopting a cautious stance ahead of the confirmation hearing of Kevin Warsh, the nominee proposed by US President Donald Trump to become the next Chair of the Federal Reserve (Fed).
Markets will closely watch Warsh’s testimony before the Senate Banking Committee to assess the direction he could give to monetary policy. Investors are particularly looking for signals on whether his decisions will be influenced by Washington’s economic agenda or if he will prioritize preserving the independence of the central bank.
Trump added political pressure ahead of the hearing. Speaking to CNBC on Tuesday, he said he would be “disappointed” if Kevin Warsh does not move quickly to cut interest rates once in office. The remarks reinforce investors’ concerns about potential political influence over the Fed’s policy decisions and will likely keep markets attentive to Warsh’s stance on monetary easing during his confirmation hearing.
The prospect of Warsh leading the Fed remains a key factor for Silver. At the end of January, his nomination triggered a sharp sell-off in the white metal, which dropped more than 30% after reaching a record high near $121.60. The decline reflected Warsh’s reputation for opposing Quantitative Easing during his time at the central bank under former Chair Ben Bernanke, as well as his preference for a stronger US Dollar.
Meanwhile, the latest US macroeconomic data is also providing support to the Greenback. Retail Sales increased by 1.7% in March, beating market expectations of a 1.4% rise, highlighting resilient consumer demand and reinforcing the strength of the US economy.
On the geopolitical front, markets are also monitoring developments surrounding tensions between the US and Iran. Reports suggesting that Tehran may be willing to resume peace talks with Washington have so far provided only limited support to Silver, as investors await clearer signals on the outlook for the conflict.
In the near term, Silver’s trajectory will likely depend on Kevin Warsh’s remarks during his confirmation hearing, as well as upcoming US economic data and the direction of the US Dollar.
