Silver prices strengthened for the second straight day, posting a gain of over 0.48%. It is trading at $32.37 per troy ounce and is set to test the key resistance level at $32.64, a swing high on February 7. Tariffs are the name of the game and the most important driver during the North American session. US President Donald Trump has ordered advisers to draft ‘reciprocal' tariffs on US trading partners. From a technical perspective, Silver is trending higher but will face stiff resistance at $32.64. The Relative Strength Index (RSI) shows that buyers are gathering steam, and if they break...
Gold edges higher in the early morning Asian session, supported by prospects of more U.S. tariffs which could spur safe-haven demand for the precious metal. President Trump on Thursday ordered federal agencies to explore how to adjust U.S. tariffs to match those of other countries. This is raising prospects of a global trade war, ANZ Research analysts say in a research report. Demand for gold has surged as investors seek to protect themselves against the impact of such a damaging economic event, the analysts say. Spot gold is 0.1% higher at $2,930.92/oz. Source : Dow Jones Newswires
Oil steadied as the market digested the fallout from President Donald Trump's order of potential reciprocal tariffs on US trading partners.Brent was near $75 a barrel after a modest decline on Thursday, while West Texas Intermediate was above $71 a barrel. The US president signed a measure to propose new levies on a country-by-country basis. It could take weeks or months to complete, but raised the prospect of more trade tensions.Tariffs on crude from Canada and Mexico are set to start next month, alongside a levy on steel, but the US oil industry is confident it can win exemptions from the...