Spot Silver held close to a 32-week high of $34.79 on Thursday, as rising economic uncertainty underpinned safe-haven assets.
The latest data sets out of the US revealed a contraction in activity in the services sector, coupled with the slowest private payrolls growth since March 2023 in May.
The data added to expectations that the Federal Reserve would likely deliver at least two rate cuts by year-end.
Fed officials appear to be sticking to a measured approach amid uncertainties surrounding tariff disputes between the US and its trade partners.
US President Donald Trump remarked on Chinese President Xi Jinping, describing him as “extremely hard to make a deal with.” The comment came after Trump’s recent accusations of China failing to honor its commitments to reduce tariffs and restrictions.
Trump also doubled existing tariffs on imports of steel and aluminum.
In the meantime, the OECD revised down its global growth projection, now forecasting US economy to expand 1.6% in 2025 and 1.5% in 2026 due to escalating trade tensions.
Market focus now sets on the US Non-Farm Payrolls report on Friday for more insight into macroeconomic conditions and the Fed’s future interest rate path.
Spot Silver was last up 0.40% on the day to trade at $34.64 per troy ounce.
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