Silver prices climbed toward $38.5 per ounce on Monday, building on recent gains as the US dollar and Treasury yields retreated amid growing expectations for a Federal Reserve rate cut.
Fed Governor Christopher Waller reiterated his support for easing in July, pointing to a weakening labor market and declining inflation risks. He also downplayed the inflationary impact of tariffs, calling it temporary, and said there are no signs of rising inflation expectations, giving the Fed room to act.
Additional support for silver came from China, where the industry ministry pledged to stabilize growth in key sectors such as machinery, autos, and electrical equipment.
The initiative aims to modernize production and is expected to boost demand for metals. The action plan also covers 10 major industries, including steel, nonferrous metals, petrochemicals, and construction materials.
Source: Trading Economics
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