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- Silver climbs following Trump’s announcement that peace talks with Iran will resume on Monday.
- Trump noted Middle Eastern allies urged diplomatic resolution over military strikes, while demanding the Strait of Hormuz reopen.
- Markets currently price in a 68% chance of a 25 basis point Fed rate hike in September.
Silver price (XAG/USD) rises after registering modest gains in the previous day, trading around $58.20 per troy ounce during the Asian hours on Monday. Silver prices climb as market sentiment shifted following statements from US President Donald Trump, who announced that peace talks with Iran are set to resume on Monday. The prospect of diplomacy helped send oil prices lower, offering relief to investors concerned about rising inflation and the broader outlook for interest rates.
President Trump noted that key Middle Eastern allies, including Saudi Arabia, had urged him to halt planned military strikes in favor of a diplomatic solution, while he reiterated his call for the immediate reopening of the Strait of Hormuz.
Beyond geopolitical developments, investors are turning their attention to a busy week of US labor market data, anchored by Friday’s closely watched monthly jobs report. This economic focus comes on the heels of the Federal Reserve’s recent decision to hold interest rates steady.
However, that decision was not unanimous; three Fed officials dissented, cautioning that delaying action could force the central bank into more aggressive policy tightening down the road. In response to these mixed signals, financial markets are currently pricing in roughly a 68% chance of a 25 basis point rate hike at the Fed’s upcoming September meeting.
According to analysts at Commerzbank, the outlook for the other bullion, gold, remains constrained by the policy path in the US. They argue that “the persistent expectation of Fed interest rate rises should counteract any rise in the gold price,” with ongoing tightening expectations limiting the scope for a sustained move higher even after the recent post-meeting spike.
