Silver prices extended its losses for the second successive day, trading around $31.40 per troy ounce during the Asian hours on Thursday.
Silver price lost ground due to investors’ caution ahead of US GDP Annualized due on Thursday. Hawkish remarks from Fed officials have supported US Treasury yields, negatively impacting non-yielding assets like Silver . The escalated geopolitical tensions in the Middle East could limit the losses of the safe-haven Silver .
Kashkari remarked, “I don’t believe anyone has completely ruled out the option of increasing rates,” expressing doubts about the disinflationary trend. Additionally, Bloomberg reported on Wednesday that Atlanta Fed President Raphael Bostic stated that the path to 2% inflation is not assured and that the breadth of price gains is still significant. In the ongoing geopolitical tensions in the Middle East, traditional safe-haven assets such as Silver could see an uptick in demand.
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