Silver Prices Rise as Dollar Weakens
Silver prices rose above $30 an ounce on Tuesday, hitting a near three-week high as the U.S. dollar weakened following reports that the new Trump administration may take a more targeted approach to tariffs.
However, President-elect Donald Trump denied the reports, prompting caution among market participants.
Looking ahead, investors are focused on key U.S. labor market data this week to assess the outlook for Federal Reserve monetary policy, which could influence the direction of the dollar.
Silver is also getting support from the positive economic outlook in China, the world’s largest silver consumer.
Beijing recently pledged to adopt a “more proactive” macroeconomic policy and cut interest rates this year to stimulate growth.
Source: Trading Economics