Silver price (XAG/USD) edges higher after registering losses over 1% in the previous session, hovering around $33.10 per troy ounce during the Asian trading hours on Friday.
The manufacturing-sensitive commodities, including Silver, faced challenges due to growing concerns regarding the increase in the fiscal deficit in the United States (US). However, rising safe-haven demand over these fiscal concerns could offset the demand-related threat surrounding such commodities.
On Thursday, US President Donald Trump's "One Big Beautiful Bill" passed the US House of Representatives and is on its way to the Senate floor. The US House of Representatives approved Trump's budget by one vote. The proposal is expected to increase the deficit by $3.8 billion, as it would deliver tax breaks on tip income and US-manufactured car loans, according to the Congressional Budget Office (CBO).
Silver attracts sellers as uncertain US economic conditions, along with tariff concerns, undermine strong momentum for the photovoltaic industry. Silver is used in various industrial applications, such as electronics, solar panels, and automotive components.
Source: Fxstreet
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