Silver price rebounds from a three-week low of $29.38 recorded on Tuesday, now trading around $29.60 per troy ounce during the European session on Wednesday.
Silver price edges higher due to the growing expectations of the Fed implementing a rate cut in September. CME FedWatch Tool indicates the Fed rate cut odds by at least 25 basis points has risen to nearly 64.9%. Any failure to secure a peace agreement between Israel and Hamas could bolster the safe-haven Silver .
On Tuesday in the Middle East, Osama Hamdan, a Hamas official, stated in a televised press conference, as reported by Reuters, that Hamas cannot agree to any deal unless Israel makes a clear commitment to a permanent ceasefire and a full withdrawal from the Gaza Strip. Qatar, mediating talks between Hamas and Israel, has also urged Israel to provide a clear position backed by its entire government to help reach a deal.
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