Spot Silver has steadied near the $33.00 mark after recent pullback, as market players sought more clarity on US-China trade relations.
US Treasury Secretary Scott Bessent said yesterday that many key US trade partners had made “very good” proposals to avert new tariffs.
Also, China’s decision to exempt some US goods from its retaliatory tariffs indicated the government was willing to de-escalate tensions between the two economic powerhouses.
Bessent pointed out that all aspects of the US government were in contact with China, but it was up to the latter to take steps towards de-escalation.
In the meantime, China’s foreign ministry stated on Monday that President Xi Jinping and US President Donald Trump had not held a phone conversation recently. This statement came after Trump told Time magazine that Xi had reached out to him.
Market focus now sets on a slew of key US macro data releases for more guidance on the Federal Reserve’s interest rate trajectory.
The ADP employment growth, job openings, PCE inflation and the Non-Farm Payrolls reports this week may offer more insight into macroeconomic conditions and the Fed’s policy outlook.
Spot Silver was last up 0.22% on the day to trade at $33.23 per troy ounce.
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