Silver rose above $32 per ounce in February, the highest in three months, tracking the preference for safety in other precious metals as markets assessed the global growth outlook under threats of trade wars. US President Trump followed through with 10% tariffs on China, driving Beijing to announce retaliatory levies on US energy goods to be enacted next week. In the meantime, the JOLTS report indicated fewer job openings than expected in the US during December, while manufacturing orders declined sharply. Consequently, the market continued to bet on multiple rate cuts by the Fed this year, supporting the case for rate-sensitive assets. On the supply front, the Silver Institute recently forecasted a fifth consecutive year of significant market deficits for the metal in 2025, driven by strong industrial demand and retail investment. These factors are expected to outweigh weaker consumption in jewelry and silverware.(Cay) Newsmaker23

Source: Trading Economi