Silver Approaches 6-Week High
Silver climbed toward $31 per ounce on Wednesday, approaching its highest levels in six weeks, as US President Donald Trump’s tariff threats fueled demand for safe-haven assets.
On Tuesday, Trump indicated that he was considering a 10% tariff on Chinese imports starting February 1, just one day after threatening Mexico and Canada with tariffs of approximately 25%. However, with no action taken yet, there are hopes that the administration may adopt a more cautious stance on tariffs.
Silver also remains supported by expectations of further interest rate cuts by the Federal Reserve this year, which could weaken the dollar and boost demand for commodities. Additionally, ongoing supply concerns, particularly in London vaults, and strong industrial demand, especially from manufacturing, continue to strengthen the bullish outlook for silver.
Source : Trading Economics