Spot Silver held just above the $33.00 mark on Friday and was on track to register a weekly loss ahead of the release of US PCE inflation figures later in the day.
Yesterday the white metal rebounded from a 1-week low of $32.69, after a US federal appeals court issued a temporary halt to a recent tariff ban on the Trump administration’s tariff policies.
Imposed by the Court of International Trade, the initial ruling had deemed the president’s enactment of the International Emergency Economic Powers Act illegal.
The appeal’s court will review the case in-depth, and the White House has until June 9th to submit its arguments.
Reacting to the appeals court’s move, the Trump administration indicated it is ready to escalate the matter to the Supreme Court if necessary. At the same time, officials are reportedly evaluating alternative strategies for enforcing the tariff regime without invoking emergency powers.
On the monetary policy front, San Francisco Fed President Mary Daly said on Thursday that the central bank could still deliver two interest rate cuts by year-end.
Daly noted that borrowing costs should remain stable for the time being to ensure inflation is on course to reach the central bank’s 2% target.
Market players were now expecting the key US PCE inflation data for more guidance on the Federal Reserve’s policy trajectory.
Spot Silver was last down 0.58% on the day to trade at $33.13 per troy ounce.
The precious metal has lost 1.07% so far this week.
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