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
Silver held around $48.1 per ounce on Thursday, steadying after recent gains as investors digested stronger-than-expected US economic data. The ADP report showed that private employers added 42,000 jo...
Silver traded above $47.5 per ounce on Wednesday, snapping a three-day losing streak as global risk-off sentiment spurred demand for safe-haven assets. Global equities and other risk assets fell sharp...
Silver fell below $48 per ounce on Tuesday, sliding for the third straight session, as investors weighed the outlook for Federal Reserve policy while assessing the impact of easing US-China trade tens...
Silver (XAG/USD) weakened on Tuesday to around $47.70 per ounce, down 1.10% on the day, after attempting to extend its recent rally beyond $49.50. Selling pressure increased as the US dollar (USD) str...
Silver prices stabilized around $48.8 per ounce on Monday (November 3rd) after experiencing high volatility last week. Investors are now focused on the Federal Reserve's policy outlook after the Fed c...
Oil prices declined on Thursday as investors considered a potential supply glut, as well as weakened demand in the United States, the world's largest oil consumer. Brent crude futures settled down 14 cents, or 0.22%, to $63.38 a barrel. U.S. West...
European stocks closed sharply lower on Thursday after a brief uptick the previous day as investors weighed a fresh round of mixed corporate earnings and signs of higher unemployment in the US. The STOXX 50 fell 1% to 5,613 and the STOXX 600 fell...
Gold (XAU/USD) edges lower on Thursday, after briefly reclaiming the key $4,000 psychological mark amid a weaker US Dollar (USD). At the time of writing, XAU/USD is trading around $3,985, easing from an intraday high of $4,019 as bullish momentum...
Asian stocks opened lower on Tuesday, reversing Wall Street's rally fueled by Amazon's massive $38 billion deal with OpenAI. Stock markets in South...
Asia-Pacific markets declined on Wednesday, following a decline on Wall Street, which was driven by concerns about the valuations of artificial...
The Institute for Supply Management (ISM) is scheduled to release its October Services Purchasing Managers' Index (PMI) on Wednesday. The report, a...
World markets kicked off November in an upbeat mood, riffing off buoyant company earnings and calmer trade relations while batting away OPEC's...