Silver Heads for Strong Weekly Gain
Silver traded above $38 per ounce on Friday and was on track to rise about 3% for the week, as expectations for US interest rate cuts and uncertainty from new tariffs drove demand for precious metals.
Higher-than-expected weekly jobless claims, coupled with last week’s weaker-than-expected nonfarm payrolls report, prompted traders to price in a Federal Reserve rate cut in September, with another possible move in December.
In political developments, President Donald Trump nominated Stephen Miran, chair of the Council of Economic Advisors, to replace Adriana Kugler on the Federal Reserve Board of Governors. Markets also weighed reports that Fed Governor Christopher Waller, viewed as more dovish, could be Trump’s pick to lead the central bank, reinforcing expectations of easier policy.
On the trade front, Trump’s sweeping retaliatory tariffs took effect on Thursday, imposing levies ranging from 10% to 41% and heightening concerns over their potential drag on the US economy.
Source: Trading Economics
