FX.co ★ Silver Holds Near 7-Month Highs on Safe-Haven Demand

Silver prices remained steady at approximately $34.50 per ounce on Thursday, maintaining levels not seen in seven months, as lackluster economic data from the United States impacted the dollar and spurred interest in safe-haven assets. On Wednesday, the ADP report revealed that the US private sector generated a mere 37,000 jobs in May, falling significantly short of expectations and marking the weakest growth in over two years. Moreover, the ISM services PMI indicated a contraction for the first time in nearly a year, characterized by a steep decline in new business activity and an increase in input costs, factors likely influenced by recent tariff implementations. President Donald Trump maintained pressure on the Federal Reserve to consider rate cuts; however, officials have opted for a prudent approach in light of increasing uncertainties. Regarding trade discussions, Trump further tempered market expectations by stating it was "extremely hard" to reach an agreement with Chinese President Xi Jinping, despite earlier suggestions that the two leaders might converse later in the week.