Financial Mirror on Nostr: Silver breaks below $30.50 on quest for Gaza ceasefire ========== The price of Silver ...
Silver breaks below $30.50 on quest for Gaza ceasefire
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The price of Silver halted its five-day winning streak, trading around $30.40 per troy ounce on Thursday. The decline in the safe-haven metal is attributed to increased optimism following signs of renewed efforts to secure a ceasefire deal between Israel and Hamas. Mediators Egypt and Qatar delivered a response from Hamas to a proposal that includes the release of hostages held in Gaza and a ceasefire in the Palestinian enclave. Israel is currently studying the document. The XAGUSD pair may limit its downside as the Dollar may struggle due to the softer US data raising speculations of the Federal Reserve reducing interest rates in 2024. US ISM Services PMI fell sharply to 48.8 in June, marking the steepest decline since April 2020. The ADP Employment report showed that US private businesses added 150,000 workers to their payrolls in June, the lowest increase in five months. On Tuesday, Jerome Powell said that the Fed is getting back on the disinflationary path, but wants to see further evidence before cutting interest rates as the US economy and the labour market remain strong.
#Silver #GazaCeasefire #Israel #Hamas #Egypt #Qatar #Dollar #UsData #FederalReserve #IsmServicesPmi #AdpEmployment #JeromePowell
https://www.financialmirror.com/2024/07/04/silver-breaks-below-30-50-on-quest-for-gaza-ceasefire/
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The price of Silver halted its five-day winning streak, trading around $30.40 per troy ounce on Thursday. The decline in the safe-haven metal is attributed to increased optimism following signs of renewed efforts to secure a ceasefire deal between Israel and Hamas. Mediators Egypt and Qatar delivered a response from Hamas to a proposal that includes the release of hostages held in Gaza and a ceasefire in the Palestinian enclave. Israel is currently studying the document. The XAGUSD pair may limit its downside as the Dollar may struggle due to the softer US data raising speculations of the Federal Reserve reducing interest rates in 2024. US ISM Services PMI fell sharply to 48.8 in June, marking the steepest decline since April 2020. The ADP Employment report showed that US private businesses added 150,000 workers to their payrolls in June, the lowest increase in five months. On Tuesday, Jerome Powell said that the Fed is getting back on the disinflationary path, but wants to see further evidence before cutting interest rates as the US economy and the labour market remain strong.
#Silver #GazaCeasefire #Israel #Hamas #Egypt #Qatar #Dollar #UsData #FederalReserve #IsmServicesPmi #AdpEmployment #JeromePowell
https://www.financialmirror.com/2024/07/04/silver-breaks-below-30-50-on-quest-for-gaza-ceasefire/