- Silver price rises as safe-haven demand strengthens amid rising Middle-East tensions.
- The United Nations is cutting its staff in Gaza following Israeli airstrikes that have resulted in hundreds of civilian casualties.
- Russian state media RIA Novosti reports that the US and Russia are set to release a joint statement on Tuesday.
Silver price (XAG/USD) pauses its four-day losing streak, trading around $33.10 per troy ounce during Asian market hours on Tuesday. The rebound is driven by increased safe-haven demand amid escalating geopolitical tensions.
The United Nations (UN) announced on Monday that it is reducing its international staff in Gaza by about a third following Israeli airstrikes that have killed hundreds of civilians, including UN personnel. After a two-month ceasefire brought relative calm to the 18-month war, Israel resumed its full-scale air and ground campaign against Hamas last Tuesday.
Palestinian health officials report nearly 700 fatalities since then, with total casualties in Gaza exceeding 50,000, nearly a third of whom were children, per Reuters.
Meanwhile, Russian state media RIA Novosti reports that a joint statement from the US and Russia is expected on Tuesday, following talks between their delegations in Riyadh that concluded on Monday. The discussions reportedly covered efforts to negotiate a Black Sea maritime ceasefire deal, among other issues.
Silver, however, faced headwinds due to a strengthening US Dollar (USD), driven by robust US economic data and cautious remarks from Federal Reserve (Fed) officials. The S&P Global Services PMI surged to 54.3 in March, a three-month high, up from 51.0 in February and surpassing market expectations of 50.8. The service sector rebounded sharply after hitting a 15-month low in February, while the Composite PMI climbed to 53.5, marking its strongest growth since December 2024.
Atlanta Fed President Raphael Bostic highlighted persistent economic uncertainty, warning that inflation progress may be slower than previously anticipated. Bostic revised his 2025 rate cut expectations downward, citing ongoing price pressures and trade-related risks.
