The greenback is reviving, putting pressure on silver.
The minutes of the FOMC will be the focus of the markets in the next sessions.
As traders returned from the US holidays and long weekend, silver was pressured by a rebound in the US dollar.
XAG/USD was down 1.2 percent as of the closing bell on Wall Street, slightly higher than the lows of $26.16 after a journey from a high of $26.77 to a low of $26.01.
Traders positioned themselves ahead of the Federal Reserve minutes from the critical June meeting where taper discussions took place, which will be released on Wednesday.
More confirming cues from FOMC members on when tapering will begin are awaited by the market.
A more hawkish tone from the members in the minutes is expected to boost the greenback, especially in the aftermath of poor European data on Tuesday.
Investors were disappointed by weaker-than-expected statistics from the euro region, which has tainted the appeal of the common currency (which makes up nearly 58 percent (technically 57.6 percent) of the DXY index).
As a result, the index has been able to reach new highs on a daily basis:
In terms of metals, TD Securities analysts believe that there is still “mettle in the precious metals, as inflation should prove transitory, implying that market pricing for Fed policy is overly aggressive.”/n
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