Silver prices climbed above $38.7 per ounce on Tuesday, rebounding from the previous session's losses after US President Donald Trump announced the removal of Federal Reserve Governor Lisa Cook over alleged mortgage fraud. The move fueled concerns about the Fed's independence and its ability to maintain monetary policy free from political influence.
Analysts noted that Cook's dismissal could raise the likelihood of earlier interest rate cuts, given Trump's persistent pressure on the central bank to lower borrowing costs. On the industrial side, silver demand was underpinned by strong photovoltaic sector data from China.
Recent figures showed that Chinese solar cell exports surged more than 70% in the first half of the year, driven largely by robust demand from India. This came after China installed over 93 gigawatts of solar capacity in May, a record high and a 300% year-on-year increase, ahead of policy changes that will make it more difficult to connect new panels to the grid.
Source: Trading Economics
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