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- Silver price appreciate amid safe-haven appeal following the US auto tariff announcement.
- The non-yielding Silver could have attracted buyers amid a weaker US Dollar and Treasury yields.
- Traders await Friday’s Personal Consumption Expenditures (PCE) report—the Fed’s preferred inflation gauge.
Silver (XAG/USD) recovers recent losses from the previous session, trading around $33.70 per troy ounce during Asian hours on Thursday. The metal gains traction as investors seek safe-haven assets following the US auto tariff announcement, which has fueled concerns over potential retaliatory measures next week.
Risk-off sentiment intensified after US President Donald Trump signed an order late Wednesday imposing a 25% tariff on auto imports, effective April 2, with collections starting the next day. However, auto parts imports will receive a one-month reprieve.
Additionally, Silver, a non-yielding asset, could have attracted buyers as US Treasury yields decline, with the 2-year and 10-year yields hovering at 4.0% and 4.34%, respectively. Moreover, a weaker US Dollar (USD) also makes Silver more affordable for foreign buyers, further supporting the demand for the grey metal.
Meanwhile, the Federal Reserve (Fed) reaffirmed its December projection for two rate cuts this year but adopted a cautious stance. Minneapolis Fed President Neel Kashkari stressed the ongoing inflation battle, stating, “The job market has stayed strong, but the biggest challenge is to finish the job,” echoing Chair Powell’s view that rate cuts are not imminent. Kashkari also highlighted policy uncertainty as a complicating factor for the Fed.
Traders are closely monitoring upcoming US economic data, including weekly Initial Jobless Claims and the final Q4 Gross Domestic Product (GDP) Annualized report due Thursday. Additionally, Friday’s release of the Personal Consumption Expenditures (PCE) report—the Fed’s preferred inflation gauge—will provide further policy insights.
