Silver fell over 1% to around $33 per ounce on Friday, hitting a one-week low as the US dollar rebounded. The dollar's strength came after Federal Reserve Chair Jerome Powell reaffirmed that the central bank is in no rush to cut interest rates further, despite signaling two potential rate reductions this year.
Powell pointed to weakening economic growth and labor market concerns but maintained a cautious stance due to uncertainty surrounding US President Donald Trump's tariff policies and their impact on inflation.
Adding to pressure on silver, lingering economic concerns in China dampened its industrial demand outlook, as Beijing announced new stimulus measures without providing specific details. However, silver prices remained near five-month highs amid concerns over tightening supply, driven in part by disruptions linked to Trump's tariffs.
Source: Trading Economics
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