Silver prices have maintained gains above $31.00, driven by increased safe-haven demand amid escalating trade tensions between the United States and China. The price of silver (XAG/USD) has risen for the second consecutive day, trading near $31.10 per troy ounce during Thursday’s Asian session. This upward movement follows a nearly 4% surge in the previous session. The catalyst for this rally is attributed to President Trump’s announcement of an immediate tariff increase on Chinese imports, escalating the existing trade dispute. This action followed China’s imposition of reciprocal duties on US goods. Concurrently, market participants are analyzing the latest Federal Open Market Committee (FOMC) minutes, which reveal concerns among policymakers regarding the dual challenges of rising inflation and decelerating economic growth, potentially necessitating difficult policy decisions by the Federal Reserve.
