Silver price (XAG/USD) is depreciating after registering gains in the previous day, trading around $33.00 per troy ounce during the Asian hours on Tuesday. The safe-haven demand for precious metals, including Silver, continues to weaken as trade-war concerns ease.
At the same time, dollar-denominated Silver loses its appeal, with the strengthening US Dollar (USD) making it more expensive for buyers using other currencies. The USD is gaining support as optimism grows over improving US-China trade relations.
US President Donald Trump recently signaled a willingness to roll back tariffs on China, while Beijing granted exemptions on certain US imports — moves that have fueled hopes for a potential resolution to the prolonged trade conflict between the world's two largest economies.
US Treasury Secretary Scott Bessent confirmed in an interview with CNBC on Monday that all arms of the US government are actively communicating with China. He noted that many major US trading partners have made "very good" tariff proposals, and China's latest exemptions suggest a readiness to ease tensions.
President Trump also emphasized progress in negotiations and confirmed ongoing dialogue with Chinese President Xi Jinping. Meanwhile, The Wall Street Journal reported that Trump is seeking to reduce the impact of automotive tariffs by preventing overlapping duties on foreign vehicles and lowering tariffs on imported car parts.
Traders are turning their attention to several key US economic reports this week, including the preliminary Q1 GDP reading, March PCE inflation data, and April Nonfarm Payrolls figures. These releases are expected to offer important insights into the Federal Reserve's potential policy moves and the broader economic outlook.
Source; Fxstreet
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