Silver (XAG) prices rose near $30.50 during North American trading hours on Tuesday (04/08). The white metal gained as its appeal as a safe haven has increased, with traders increasingly concerned about the outlook for trade relations between the United States (US) and China.
Earlier in the day, a spokesperson for China's Ministry of Commerce warned that US President Donald Trump's threat of new tariffs was a "mistake on top of a mistake" and that China would "fight to the end" to protect its interests. The statement from Beijing came after Trump threatened to increase tariffs on China to 104% if he imposed a 34% tariff on US imports.
On Thursday, China announced a 34% levy on US exports in retaliation for similar reciprocal tariffs imposed on them by Donald Trump on Liberation Day.
A trade war scenario between China and the US would not be favorable for the global economy. Silver's appeal is increasing amid rising global economic tensions.
However, the demand for Silver as a metal is declining, given its significant applications in various industries. China is considered the manufacturing hub of the world, and silver is in demand in various industries, such as Electric Vehicles (EVs), electronics, and solar energy.
Going forward, the next major trigger for Silver prices will be the Consumer Price Index (CPI) data for March, due out on Thursday. The inflation data will influence market expectations on the Federal Reserve's (Fed) monetary policy outlook.(Newsmaker23)
Source: FXstreet
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