Spot Silver pulled back from a 1-month high of $33.70 on Monday, as US President Donald Trump set a July 9th deadline for reaching a trade agreement with the EU.
The white metal rose over 1% last Friday, after Trump announced that he was recommending a flat 50% tariff on all products imported from the European Union, effective June 1st. Trump also stated that discussions with the European Union were “going nowhere.”
Yet, the US President rescinded his tariff threat over the weekend and extended his deadline for trade negotiations until July 9th, after the head of the EU executive body said the bloc required more time for a “good deal.”
The commodity has also drawn support from strong industrial demand, especially from the solar energy sector.
Meanwhile, the US Dollar Index plumbed a fresh one-month trough, being last down 0.10% to 99.005. A weaker dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
Spot Silver was last down 0.50% on the day to trade at $33.32 per troy ounce.
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