Silver Prices Drop on Safe-Haven Bid
Silver prices fell to around $31 an ounce on Wednesday as concerns over the escalating Russia-Ukraine conflict eased. On Tuesday, silver briefly rose above $31.50 after Russia lowered its threshold for a potential nuclear attack.
However, market concerns eased after Russian Foreign Minister Sergei Lavrov said the country would “do everything possible” to avoid a nuclear war, and the U.S. indicated it saw no reason to adjust its nuclear policy.
Investors are now focused on upcoming remarks from U.S. Federal Reserve officials, which could affect the dollar and, in turn, commodity prices. In China, the People’s Bank of China left its main lending rate unchanged in line with expectations, offering no new signals that could affect demand in the world’s largest consumer of the metal.
Source: Trading Economics