Silver Falls to 3-Week Low, Still Rises in July
Silver prices dropped to $36.50 per ounce, the lowest since July 9, pressured by a stronger US dollar and easing geopolitical uncertainty.
The dollar gained as the US economy showed continued resilience and President Donald Trump advanced trade negotiations. President Trump unveiled fresh trade moves ahead of his self-imposed Friday deadline, including 15% tariffs on South Korea and 25% on India. Also, Trump announced a 90-day extension of Mexico’s current tariff rates to allow more time for talks, easing supply concerns from the world’s largest silver producer.
Meanwhile, the Fed’s preferred inflation gauge, the core PCE index, rose 0.3% in June, while consumer spending barely increased. Despite the recent pullback, silver remains over 1% higher in July, having briefly topped $39 on July 22, the highest level since August 2011, driven by tightening physical supply.
Source : Trading Economics