Silver Prices Plummet Amid US-Iran Peace Uncertainty
The price of Silver has fallen to near $65.50 in XAG/USD amid uncertainty over US-Iran peace talks.
US President Donald Trump has indicated he is not interested in extending the interim deal, citing the naval blockade of Iranian ports as leverage and proposing to declare the waterway as US territory under American control.
In response, Iranian Foreign Ministry spokesman Esmail Baghaei stated that an agreement remains elusive due to security complexities and 'obstructionist behavior' from destructive elements.
The decline in Silver prices may be temporary, however, as investors are now looking ahead to the release of the Federal Reserve's July meeting minutes. A recent unexpected drop in US Nonfarm Payrolls combined with modest consumer price inflation data has significantly reduced market anticipation of a monetary tightening next month.