FX.co ★ Silver Set for Strong Weekly Gain

Silver prices surged past $33 per ounce on Friday, poised for a 3% weekly gain. This uptick can be attributed to increased demand for safe-haven assets amid escalating concerns surrounding the U.S. fiscal outlook. Investor apprehensions were fueled by President Trump's newly proposed budget bill, which features notable tax reductions and expanded defense expenditures. This announcement has sparked fears of growing deficits and an escalating national debt. Additionally, Federal Reserve Governor Christopher Waller indicated that there remains potential for interest rate reductions later this year, contingent on the outcomes of ongoing tariff policy developments—a factor which could lend further support to precious metals. On the industrial front, silver's strength was underpinned by recent data revealing that China's wind and solar power capacity soared to nearly 1,500 gigawatts in the first quarter, bolstered by a significant 60-gigawatt increase in photovoltaic installations. This growth supports an optimistic outlook for silver demand due to its crucial role in solar panel manufacturing.