Silver Price Forecast: XAG/USD attracts some buyers to near $32.50 ahead of US Retail Sales release
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Silver price extends its upside to around $32.45 in Friday’s Asian session.
Steady concerns over a global trade war support the Silver price.
US PPI inflation was higher in January.
Silver price (XAG/USD) trades in positive territory for the third consecutive day near $32.50 during the Asian session on Friday. The growing concerns about US President Donald Trump's tariff policies continue to underpin the white metal. Traders brace for the US Retail Sales for January, which are due later on Friday.
US President Donald Trump promised to target countries that charge tax on US imports by matching them with a reciprocal tariff. Late Thursday, Trump ordered his administration to start study duties by early April, prompting fears of a global trade war, boosting the safe-haven asset like Silver.
Data released by the US Bureau of Labor Statistics on Thursday showed that Producer Price Index (PPI) rose 3.5% YoY in January, compared to a 3.3% increase seen in December. This figure came in above the market expectation of 3.2%. Meanwhile, the annual core PPI rose 3.6% YoY in January versus 3.7% (revised from 3.5%) prior, beating the estimation of 3.3%.
The report strengthened financial market views that the Federal Reserve (Fed) would not be cutting interest rates before the second half of the year. This, in turn, could support the Greenback and weigh on the USD-denominated commodity price.
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