Silver price (XAG/USD) looks set for a positive weekly close for the third time in a row.
Silver price rallies to $29, boosted by safe-haven demand due to geopolitical tensions. A decline in US yields has reinforced demand for non-yielding assets. The US Dollar advances as speculation for Fed rate cuts wanes. Silver price looks set for a positive weekly close for the third time in a row. The precious metal strengthens as geopolitical tensions and China’s weak economic outlook strengthen safe-haven demand.
The US Dollar strengthens as stubbornly higher consumer price inflation and strong Nonfarm Payrolls data for March have forced traders to unwind their bets leaned toward the Federal Reserve to begin reducing interest rates in the June and July policy meetings. Now, investors see the Fed pivoting to rate cuts from September. Also, investors expect that the Fed will reduce interest rates only two times by the year-end instead of three projected by Fed policymakers in the latest dot plot.
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