Silver price forecast: XAG/USD breaks below $38.00 as safe-haven demand weakens
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Silver price struggles amid improved sentiment following White House meeting.
Trump and Zelenskyy expressed hope that the meeting would pave the way for trilateral talks with Russian President Putin.
The non-interest-bearing Silver could attract buyers as recent US data keep intact the dovish tone surrounding the Fed policy outlook.
Silver price (XAG/USD) remains subdued for the fourth successive session, trading around $38.00 per troy ounce during the Asian hours on Tuesday. Silver prices face challenges amid dampened safe-haven demand, driven by positive signals toward a possible resolution of the Ukraine-Russia war.
US President Donald Trump and Ukrainian President Volodymyr Zelenskyy both hoped that Monday’s gathering would eventually lead to three-way talks with Russian President Vladimir Putin. The meeting was also attended by key European leaders, including French President Emmanuel Macron, German Chancellor Friedrich Merz, European Commission President Ursula von der Leyen, and UK Prime Minister Keir Starmer.
Trump wrote on social media that he had spoken with the Russian leader and begun arranging a meeting between Putin and Zelenskyy, to be followed by a trilateral summit with all three presidents. According to Reuters, citing a European delegation source, Trump told European leaders that Putin had suggested this sequence. While the Kremlin has not publicly confirmed its agreement, a senior Trump administration official said the Putin-Zelenskyy meeting could be held in Hungary.
However, the price of the grey metal could gain ground as recent US economic data keeps intact the dovish tone surrounding the US Federal Reserve’s (Fed) policy outlook. CME’s FedWatch tool suggests that markets are pricing in 84% odds of a 25 basis point Fed rate cut in September. Traders will likely observe the Jackson Hole Economic Policy Symposium due later in the week. Fed Chair Jerome Powell’s speech will also be eyed for guidance on the Fed’s September policy outlook.
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