Silver prices fell nearly 5% during North American trading hours on Thursday (03/4), testing the sub-$32.00 region. The white metal prices became vulnerable after United States (US) President Donald Trump unveiled a detailed reciprocal tariff plan for its trading partners.
The "Buy the Rumor, Sell the News" indicator forced traders to trigger the sell button for Silver prices. The metal had previously performed strongly, along with Gold, over the past few months as investors grew convinced that Trump's tariffs would be inflationary and weigh on economic growth globally, including in the US. Technically, Silver's price appeal increases if investors anticipate escalating global economic tensions.
Concerns over a US economic slowdown also weighed on the US Dollar (USD). The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, dropped to near 101.30, the lowest level seen in six months.
Additionally, rising concerns over Silver demand from industries have also led to a sharp drop in its prices. On Wednesday, Donald Trump announced a 34% tariff on China, in addition to the 20% levy already imposed to pump pharmaceuticals into the US economy. Trump's significant tariff hike on China is expected to weaken its manufacturing sector. Such a scenario would dampen Silver demand from Chinese companies, given its application in industries such as Electric Vehicles (EVs), electronics, and solar energy.
Looking ahead, investors will focus on the US Nonfarm Payrolls (NFP) data for March, due out on Friday. The employment data will influence market expectations on the Federal Reserve's (Fed) monetary policy outlook. (Newsmaker23)
Source: FXstreet
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