Silver prices climbed above $33 per ounce on Friday and were on track to rise about 3% for the week, driven by heightened demand for safe-haven assets amid growing concerns over the US fiscal outlook. Investor anxiety was stoked by President Trump's new budget bill—which includes significant tax cuts and expanded defense spending—raising fears of worsening deficits and an expanding national debt. Adding to the bullish tone, Federal Reserve Governor Christopher Waller suggested that the Fed still sees scope for interest rate cuts later this year, depending on the outcome of ongoing tariff policy developments, which could support precious metals.
On the industrial side, silver also drew strength from fresh data showing China's wind and solar power capacity surged to nearly 1,500 GW in the first quarter—bolstered by a 60 GW increase in photovoltaic installations. This supports a stronger outlook for silver demand, given its essential role in solar panel production.
Source: Trading Economics
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