Silver Price Forecast: XAG/USD attracts some buyers to near $32.50 ahead of US Retail Sales release
Trending Articles- Gold jumps over 2% toward $5,400 after US, Israel attack Iran
- Strait of Hormuz Blockade: JPM Warns Crude Production May Halt After 25 Days. How Will US-Iran Conflict Trajectory Affect Global Oil Prices?
- Gold rises to near $5,200 amid US tariff uncertainty, US PPI data in focus
- Gold gains above $5,150 as US tariff uncertainty drive demand, eyes on US-Iran talks
- Oil prices rise as US and Iran extend talks into next week
- WTI Price Forecast: Retreats from seven-month top, still well bid near $71.00 mark
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.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
