FX.co ★ Silver Climbs for Second Session

Silver prices advanced by nearly 2%, reaching approximately $33 per ounce on Tuesday, building on gains from the prior session. This increase was driven by persistent trade uncertainties that heightened the demand for safe-haven assets. Investors responded to recent remarks by US President Donald Trump, who indicated he would not be speaking with Chinese President Xi Jinping this week. However, Trump hinted at a potential reduction of the substantial 145% tariff on Chinese goods. Additionally, President Trump announced a new 100% tariff on foreign-produced films and suggested future tariffs on pharmaceuticals, causing further disturbance in global markets. The focus now turns to the upcoming policy meeting of the US Federal Reserve. While the Fed is anticipated to keep interest rates steady, investors will be keenly analyzing Chair Jerome Powell’s statements for indications on how the central bank intends to tackle the mounting economic risks arising from global trade tensions and the political pressure for rate cuts.