Silver dropped to $31.2 per ounce, paring the rally that topped at the 13-year high of $37.3 on June 18th, tracking the pullback for other precious metals as lower demand for safety outweighed support from the dovish Fed outlook. Israel and Iran extended so far maintained the fragile ceasefire, easing geopolitical concerns in the Middle East. Also, US Commerce Secretary Howard Lutnick noted that the US struck a trade deal with China and signaled that more deals are incoming. Still, silver held most of its rally for the month as traders moved to price multiple rate cuts by the Federal Reserve this year amid contractions in personal income, personal spending, and a downward revision the first-quarter GDP. The metal has significantly outperformed gold in June, rising roughly 11% compared to gold’s flat performance.