Silver (XAG/USD) prices extended its gains for the second straight session, trading around $33.10 per troy ounce during Asian trading hours on Tuesday (06/05). Precious metals prices, including Silver, rose as President Donald Trump's new tariff threats spurred demand for safe-haven assets.
President Trump announced plans to direct the US Trade Representative and the Commerce Department to begin imposing 100% tariffs on films produced overseas. On Monday, he also stated that he intends to impose pharmaceutical tariffs within the next two weeks.
Dollar-denominated Silver's gains could be limited as a stronger US Dollar (USD) can make the precious metal cheaper for buyers with foreign currencies. The greenback strengthened ahead of the Federal Reserve's (Fed) monetary policy announcement on Wednesday.
While the Fed is widely expected to keep interest rates unchanged, markets are closely watching comments from Chairman Jerome Powell, especially amid uncertainty over tariffs and increasing pressure from President Donald Trump for a rate cut.
On trade, Treasury Secretary Scott Bessent said Monday that the U.S. is "very close to some sort of deal," echoing Trump's comments over the weekend that signaled progress in trade negotiations. However, Trump ruled out meeting with Chinese President Xi Jinping this week. China's Commerce Ministry said Friday it was reviewing a U.S. proposal to resume talks. (Newsmaker23)
Source: FXstreet
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