19.02.202602:12:36UTC+00Silver Holds Firm Despite Strong Dollar

Silver traded above $77 per ounce on Thursday, holding onto gains after surging about 5% in the prior session, as the broader metals complex rebounded despite a stronger dollar driven by robust US economic data and hawkish signals from the Federal Reserve. Minutes from the Fed’s January meeting showed a divided committee: some officials indicated that rate cuts could be appropriate if disinflation continues, while others argued for keeping rates elevated for longer and even left the door open to additional tightening should inflation prove persistent. Traders slightly pared back expectations for monetary easing this year but still project two 25 basis point rate cuts before the end of 2024. Silver and other precious metals also found support from escalating geopolitical risks, as the US expanded its military footprint in the Middle East amid fears of a potential conflict with Iran, and peace talks between Ukraine and Russia ended without any significant progress.