Spot Silver rebounded from Friday’s 1 1/2-week low of $32.66 at the start of the new week, supported by a weaker US Dollar and a rush to safe haven assets amid geopolitical tensions and economic uncertainty.
The US Dollar Index was last down 0.10% to 104.046, easing from Friday’s two-week high of 104.223.
A weaker US Dollar makes dollar-priced Silver more appealing to investors holding other currencies.
On the geopolitical front, five people, including a Hamas political leader, were reportedly killed during an Israeli air strike on a hospital in Gaza over the weekend, as tensions in the region escalated.
Meanwhile, a US delegation will negotiate a ceasefire in the Black Sea and broader peace in Ukraine during talks with Russia officials today.
The Trump administration’s reciprocal tariffs are set to take effect on April 2nd, which many believe may stoke inflation and hamper GDP growth.
However, US President Trump has indicated the reciprocal tariffs may potentially be less severe than feared.
Spot Silver was last up 0.58% on the day to trade at $33.22 per troy ounce, as it snapped a three-day streak of losses.
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