Silver Extends Gains on Weak USD, Safe-Haven Rush
Silver extended its rally above $32 per ounce in early March, supported by a weaker dollar and increased safe-haven demand amid escalating global trade tensions.
The U.S. imposed tariffs on Canadian and Mexican imports on Tuesday, along with an additional 10% duty on Chinese goods, raising the cumulative tariff on China to 20%. In retaliation, Canada implemented 25% tariffs on CAD 155 billion worth of U.S. imports, while China announced additional levies of 10%-15% on select U.S. goods starting March 10th, alongside new export restrictions targeting specific U.S. entities.
Traders now await the U.S. nonfarm payrolls report due Friday for clues on the Federal Reserve's policy rate trajectory.
Source : Trading Economics