Silver Cuts Losses as US GDP Data Disappoints
Silver prices trimmed earlier losses to trade near $32.60 per ounce, as a weaker-than-expected U.S. GDP report for Q1 2025 fueled renewed recession fears amid ongoing trade tensions.
The U.S. economy shrank by 0.3% in the first quarter, missing expectations for 0.3% growth, in large part due to a more than 40% spike in imports, as businesses and consumers stockpiled goods ahead of anticipated tariff hikes from the Trump administration.
Separately, the ADP National Employment Report showed private payrolls rose by just 62,000 in April, well below forecasts of 115,000 and the weakest gain since July 2024.
Further dampening sentiment, China’s manufacturing activity contracted more than expected in April, pointing to softer industrial demand. On the trade front, while Washington and Beijing have signaled openness to de-escalation amid mounting economic fallout, formal negotiations remain uncertain.
Source : Trading Economics
