Silver trades cautiously as US Dollar rebounds
Silver (XAG/USD) prices edged lower near $30.50 during the European session on Tuesday. The white metal faced pressure as the US Dollar (USD) rallied strongly after President Donald Trump confirmed that plans to increase tariffs on foreign countries were being delayed, not rejected. On his first day in the White House, Trump said that a universal tariff hike proposal was on the table, but “We’re not ready for it.”
The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, rebounded sharply from a near two-week low around 108.00, hit on Monday. Historically, a stronger US Dollar weighs on precious metals, such as Silver, by making them expensive for investors.
Source: FXStreet