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Situation downgraded, oil prices fall back; silver steadies and looks for an opportunity to rebound

MeNews
ME News, July 28 (UTC+8), Tuesday during the Asian session: after silver recorded a nearly 0.5% gain in the previous trading day, it fell, trading around $57.40 per ounce. As the expectation of a downgraded situation pushed oil prices lower, it eased concerns in the market about rising inflation and further rate hikes, and non-yielding assets like silver may be poised to regain support. Washington paused strike actions over the weekend, and Iran’s Ministry of Foreign Affairs rebutted that it had not held direct negotiations with the United States; the only dialogue was communications with Oman about the future of the Strait of Hormuz. Traders are now turning their attention to the policy decision the Federal Reserve is expected to release this week. The market widely expects officials to keep interest rates unchanged. Despite ongoing inflation pressure leading some traders to bet on an immediate rate hike, the mainstream consensus still believes that any potential tightening action may be postponed until September. (Source: Jin Ten)
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