Silver prices fell 2% to around $30.70 per ounce on Monday, reversing gains from the previous week, following a decline in gold prices as demand for safe-haven assets weakened.
Silver falls on new Trump's choices
The pullback occurred after U.S. President-elect Donald Trump nominated hedge fund manager Scott Bessent as Treasury Secretary, alleviating some market uncertainty. Bessent has expressed support for Trump’s tariff and tax cut plans, but markets anticipate that he will focus on economic and market stability rather than implementing abrupt policy changes. Concerns that Trump’s proposed policies could be inflationary, potentially limiting the Federal Reserve’s ability to lower interest rates, also pressured precious metal prices. Additionally, reports that Israel and Hezbollah are close to a ceasefire agreement further eased geopolitical tensions in the Middle East, diminishing the demand for safe-haven assets.
