Silver prices dropped significantly on Thursday, influenced by President Trump's delayed tariff hikes, optimism surrounding a Russia-Ukraine truce, and the Federal Reserve's expected decision to maintain interest rates.
Silver prices experienced a significant decline on Thursday, plummeting nearly 1.75% to hover near the $30 mark during North American trading hours. This sharp drop was largely attributed to a shift in market sentiment , fueled by a combination of factors. President Donald Trump 's delay in implementing his threatened tariff hikes on Mexico, Canada, and China provided a significant boost to investor confidence.
The initial expectation that tariffs would be imposed swiftly had cast a shadow of uncertainty over the markets. Trump's recent statements and presidential memo suggest a more gradual approach to trade policy implementation, alleviating fears of immediate economic disruption. This improved risk appetite has led to a surge in demand for risk-perceived assets, pushing silver prices downward.Adding to the positive market sentiment were hopes of a potential truce between Russia and Ukraine. Trump's threats of sanctions against Russia if the conflict persisted had initially fueled safe-haven demand for precious metals like silver. However, the prospect of de-escalation reduced this demand, further contributing to the decline in silver prices. Meanwhile, the US Dollar Index (DXY) remained subdued after its recent gains, trading near a two-week low. The Federal Reserve's (Fed) widely anticipated decision to leave interest rates unchanged at their current range of 4.25%-4.50% on Wednesday also contributed to the stable economic outlook.From a technical perspective, silver price retreated towards its 20-day Exponential Moving Average (EMA) around $30.25 after failing to break above an upward-sloping trendline. The overall outlook for silver remains positive, supported by its position above the 200-day Exponential Moving Average (EMA) at $29.50. The 14-day Relative Strength Index (RSI) oscillated within the 40.00-60.00 range, suggesting a sideways trend
Silver Price Tariff Hikes Donald Trump Russia-Ukraine Truce Federal Reserve Interest Rates Precious Metals Market Sentiment Technical Analysis
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