Silver price retraces its recent gains, trading around $30.50 per troy ounce during the Asian session on Tuesday.
The non-yielding Silver loses ground as US Treasury yields edge higher. Silver prices could strengthen as the Fed is expected to deliver at least a 25 basis-point rate cut in 2024. The safe-haven demand for Silver diminishes by easing tensions in the Middle East. The upward correction in the US Treasury yields dampened the demand for non-yielding assets like Silver . However, Silver pricecould limit its losses due to growing expectations of interest rate cuts by the Federal Reserve in 2024.
The safe-haven appeal of Silver has been affected by the easing tensions in the Israel-Hamas conflict in the Middle East. As reported by Reuters on Monday, the US is seeking support from the United Nations Security Council for President Joe Biden's proposal to halt the fighting between Israel and Palestinian militants Hamas in the Gaza Strip. Israeli Prime Minister Benjamin Netanyahu's administration reluctantly accepted President Biden's cease-fire proposal for Gaza on Sunday.
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