Silver price extends losses to near $30.20 per troy ounce during the European trading session on Monday. The prices of the grey metal depreciated after the US Personal Consumption Expenditure (PCE) data was released on Friday. This inflation report indicated that price pressures eased in April.
The Federal Reserve (Fed) may need more time to meet its 2% inflation target since the mixed inflation statistics did not lead to a mood of a rate cut from the central bank. Higher interest rates are having a detrimental effect on non-yielding assets such as silver.
Furthermore, Federal Reserve (Fed) representatives conveyed last week that the central bank may continue its tight policy for a longer duration in order to meet its inflation target. In an interview with Fox Business, Atlanta Fed President Raphael Bostic stated that the Fed must continue to take a restrictive position and that the inflation forecast will decrease very gradually. New York Fed President John Williams also said that while inflation is currently too high, he thinks the present Fed policy is well-positioned to gradually return price increases to the Fed's target.
The safe-haven Silver weakens as investors might move toward other riskier assets after Israeli Prime Minister Benjamin Netanyahu's administration reluctantly accepted US President Joe Biden's proposal for a Gaza cease-fire on Sunday. According to the BBC, this decision was made in the midst of continuous attacks in Rafah as a result of strong Israeli bombings over the weekend.
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