US-China Summit Dominates Market Sentiment

Financial markets are exercising caution ahead of a high-profile meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing, where topics are expected to include trade and geopolitical issues. This has led to a strengthening of the US Dollar on safe-haven flows and has kept several major currencies, including the Canadian Dollar and Japanese Yen, in tight trading ranges. The summit, which is set against the backdrop of the Iran war, is being closely watched for its potential impact on global economic relations.

Silver Prices Decline Ahead of Key Talks

Silver prices retreated, halting a six-day winning streak, as the precious metal fell below $87.50 an ounce. The pullback in silver is attributed to broad market caution and profit-taking ahead of the US-China summit. A stronger US Dollar, bolstered by interest rate expectations, also created headwinds for the metal.

Global Economic Data and Policy in Focus

Several international economic developments are on the market's radar, with Japan reportedly considering an extra budget to soften the impact of higher energy prices. In Europe, traders are awaiting the release of preliminary UK Q1 GDP data, while the Euro gained ground on signals of a more hawkish stance from European Central Bank officials. In Asia, concerns were noted that a threatened strike at Samsung could pose a significant risk to South Korea's economic growth.