Spot Silver surged more than 1% on Monday, since uncertainty over the US-China trade negotiations continued, heightening the safe haven appeal of the white metal.
A softer US Dollar was also providing support to the commodity.
US President Trump said over the weekend he believed Beijing was willing to strike a deal, but yet, no details or timeline were provided.
Last week, China announced it was considering the possibility of beginning trade negotiations with the US, but underscored that any talks would need some preconditions to be met.
Meanwhile, the latest US employment data cemented expectations that the Federal Reserve will likely keep interest rates on hold this week.
The US Dollar Index was last down 0.40% to 99.638. The US Dollar is currently facing headwinds, as US President Trump unveiled plans to begin implementing a substantial 100% levy on films produced outside the US. This announcement has injected further uncertainty into the country’s economic outlook and could weigh on the Dollar’s overall strength.
A weaker dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
Spot Silver was last up 1.30% on the day to trade at $32.42 per troy ounce.
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