Silver price drops slightly from fresh two-year of $26.30 ahead of key events.
The near-term appeal is upbeat due to deepening geopolitical tensions.
The US Dollar corrects ahead of Fed Powell speech.
Silver price (XAG/USD) faces nominal selling pressure after printing a fresh two-year high at $26.30 in the European session on Wednesday. The near-term demand for the white metal is upbeat due to deepening geopolitical tensions and a correction in the US Dollar.
Major agencies have accused Israel’s military for targeting charity staff who were advised to deliver necessities to civilians in Gaza. Non-yielding assets, such as Silver, expect higher investment in times of geopolitical uncertainty.
Meanwhile, a corrective move in the US Dollar has also boosted demand for silver. The US Dollar Index (DXY) drops to 104.73 despite upbeat United States Manufacturing PMI for March has improved the economic outlook.
In today’s session, investors will focus on the Federal Reserve (Fed) Chairman Jerome Powell’s speech, and the release of the ADP Employment Change and the Services PMI for March. Fed Powell’s speech could provide clues about when the central bank will start reducing interest rates. The ADP agency will report the number of jobseekers recruited by private employers
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