Silver Holds Steady as Weak Dollar Supports
Silver prices hovered around $36 per ounce on Wednesday, remaining largely unchanged for a third consecutive session and gaining support from a weaker dollar amid growing trade and fiscal uncertainties in the US.
Those moves came as Fed Chair Jerome Powell reiterated on Tuesday that the central bank remains patient regarding additional interest rate cuts but did not rule out easing at this month’s meeting. He also noted that the Fed would have already cut rates if not for the inflationary effects of President Donald Trump’s tariffs.
Adding to investor caution, the Senate narrowly approved Trump’s tax-and-spending bill, which is projected to increase the national debt by $3.3 trillion, sending the legislation back to the House for final consideration.
Markets are now focused on upcoming labor market data, including ADP’s private payrolls report due Wednesday and the key June jobs report on Thursday, for further signals on the economic outlook and potential Fed policy moves.
Source: Trading Economics
