Silver prices surged above $33.10 per ounce, breaking a three-day losing streak, driven by heightened safe-haven demand amidst geopolitical tensions and economic uncertainties in the US. The market saw a rebound as investors closely monitored efforts to resolve the Russia-Ukraine conflict and escalating conflicts in the Middle East, such as the recent Israeli airstrikes on a Gaza hospital.

The recent uptick in silver prices was also influenced by a weakening US dollar, fueled by concerns over the potential economic impact of President Donald Trump’s tariffs. There are growing apprehensions that these tariffs could impede economic growth, potentially prompting the Federal Reserve to consider further interest rate cuts. Such a scenario could increase the appeal of precious metals like silver among investors.

Moreover, market participants are keeping a close eye on the economic landscape in China. Premier Li Qiang’s call for countries to open up their markets to combat global instability, made during the China Development Forum in Beijing, has added to the mix of factors impacting silver prices.

The upward momentum in silver prices underscores the metal’s role as a traditional safe-haven asset during times of uncertainty and market volatility. The recent price movement reflects investors’ shifting sentiments and the impact of macroeconomic events on the precious metals market.

Looking ahead, the trajectory of silver prices may continue to be influenced by developments in key geopolitical hotspots, trade policies, and central bank actions. Market participants are likely to closely monitor these factors to gauge the future direction of silver prices and assess the metal’s appeal as an investment option amidst a complex global economic backdrop.