FX.co ★ Silver Holds Gains Amid Trade Jitters, Fiscal Concerns

Silver prices remained steady above $36.80 per ounce on Friday, nearing a 13-year peak as rising global trade tensions spurred interest in safe-haven assets. Investor nerves were heightened after President Donald Trump announced his intention to dispatch letters detailing new trade tariffs or possible deadline extensions as soon as Friday, thereby injecting uncertainty into global markets. Compounding the market's apprehension, the US House of Representatives passed President Trump's extensive tax cuts and spending bill, which is now awaiting his signature at the White House. This legislation is anticipated to increase the federal budget deficit by more than $3 trillion, sparking concerns about long-term fiscal sustainability. Nonetheless, the potential profit in silver was limited by an unexpectedly robust US jobs report for June, which alleviated fears of a recession and reduced the impetus on the Federal Reserve to decrease interest rates in the immediate future.