Silver fell toward $48 per ounce on Monday, extending losses from last week as progress in US-China trade negotiations dampened demand for safe-haven metals. Markets are hoping for a trade breakthrough in the Trump-Xi meeting on Thursday following productive talks between US and Chinese trade representatives over the weekend, where they reached consensus on several contentious issues. US Treasury Secretary Scott Bessent said that Trump’s threat of a 100% tariff was “off the table,” adding that Beijing agreed to pause for a year its planned expansion of rare earth export controls. Meanwhile, the US Federal Reserve is widely expected to deliver a rate cut this week following softer-than-expected inflation data on Friday. Last week, silver dropped more than 6% as profit-taking hit the market amid concerns of overvaluation after the metal surged to record highs.
