Silver traded above $38 an ounce on Friday (August 8) and is expected to rise about 3% this week, as expectations of a US interest rate cut and uncertainty over new tariffs boost demand for the precious metal.
Higher-than-expected weekly jobless claims, coupled with last week's weaker-than-expected nonfarm payrolls report, have prompted traders to price in the possibility of a Federal Reserve rate cut in September, with another move possible in December. In political developments, President Donald Trump nominated Stephen Miran, chairman of the Council of Economic Advisers, to replace Adriana Kugler on the Federal Reserve Board of Governors.
The market also weighed reports that Fed Governor Christopher Waller, who is seen as more dovish, could be Trump's pick to lead the central bank, reinforcing expectations for looser policy. On the trade front, Trump's broad retaliatory tariffs took effect on Thursday, imposing rates ranging from 10% to 41% and raising concerns about their potential drag on the US economy. (alg)
Source: Trading Economics
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