Silver (XAG/USD) prices halted a four-day decline, trading near $32.10 during the Asian session on Monday (05/05). The precious metal regained ground as ongoing uncertainty surrounding US-China trade talks fueled safe-haven demand.
On Friday, China's Ministry of Commerce said it was considering a proposal from the United States (US) to resume trade discussions. This came after US President Donald Trump stated that negotiations were ongoing, although he clarified that no talks with Chinese President Xi Jinping were scheduled for this week.
The US dollar (USD) also weakened, increasing the appeal of dollar-denominated assets such as Silver for holders of other currencies. The greenback came under pressure, partly due to escalating trade tensions, with Trump announcing plans for 100% tariffs on foreign-made films.
However, the outlook for Silver's industrial demand was overshadowed by worsening global economic data. The US economy unexpectedly contracted by 0.3% in Q1—its first decline in three years—while China's NBS manufacturing PMI fell to a 16-month low, driven by the sharpest drop in export orders since 2022.
Market focus now shifts to the US Federal Reserve's upcoming policy meeting, where interest rates are widely expected to remain unchanged despite Trump's renewed push for a rate cut. Investors are also eyeing the release of the US ISM Services PMI on Monday for insights into the economic outlook. (Newsmaker23)
Source: FXstreet
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