Silver price (XAG/USD) continues its upward momentum for the third consecutive session, hovering around $33.30 per troy ounce during Asian trading hours on Thursday.
The precious metal benefits from growing safe-haven demand amid escalating trade tensions and mounting concerns over a potential United States (US) recession.
Trade tensions intensified after US President Donald Trump imposed higher tariffs on steel and aluminum imports, heightening economic uncertainty and boosting Silver's appeal as a safe-haven asset.
Trump also described the economy as being in a "transition period," signaling a possible slowdown. Investors interpreted his comments as an early warning of potential economic turbulence ahead.
The non-interest-bearing commodities including Silver gained traction as the US inflation cooled more than anticipated in February, raising speculation that the Federal Reserve (Fed) might cut interest rates sooner than expected.
Source: FXStreet
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