Silver rose above $38 per ounce on Thursday, reaching its highest level in over a week as expectations for Federal Reserve rate cuts intensified amid signs of a softening US labor market. Investors now await the latest weekly jobless claims data for further confirmation.
Adding to the dovish outlook, President Donald Trump is expected to nominate a successor to outgoing Fed Governor Adriana Kugler by the end of the week and has shortlisted four candidates to replace Fed Chair Jerome Powell.
Geopolitical tensions also supported safe-haven demand. Trump announced a doubling of tariffs on Indian goods to 50% in response to continued imports of Russian oil. Meanwhile, reports suggest he could meet Russian President Vladimir Putin as early as next week, as Washington ramps up pressure on Moscow to end the war in Ukraine
Source: Trading Economi
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