XAG/USD Moves Lower Near $32.50 As US Dollar Recovers
Silver (XAG/USD) prices edged lower during the Asian session on Tuesday (4/22), trading around $32.60 per troy ounce, after posting gains in the previous session. The grey metal was pressured as the US Dollar (USD) strengthened again. The US Dollar Index (DXY), which measures the Greenback against a basket of six major currencies, was trading near 98.30, supported by a rebound in the 2-year US Treasury yield, which now stands at 3.77%.
However, Silver could regain some ground as safe-haven demand continues amid ongoing economic uncertainty. The DXY recently fell to a three-year low after US President Donald Trump increased pressure on the Federal Reserve (Fed), urging aggressive interest rate cuts and reportedly considering firing Fed Chairman Jerome Powell.
White House economic adviser Kevin Hassett confirmed that Trump is investigating legal grounds to remove Powell. In a post on Truth Social, Trump also warned that the economy could collapse unless the Fed acts quickly to lower interest rates.
Source: FXStreet