Silver Price Nears $36.50 on Safe-Haven Demand Amid Trade War Concerns

Silver Price Nears $36.50 on Safe-Haven Demand Amid Trade War Concerns

Silver (XAG/USD) staged a rebound during Thursday’s Asian trading session, climbing near $36.50 per troy ounce, ending a three-day losing streak. The rally is underpinned by a combination of mounting safe-haven demand and a weaker US Dollar, as investors react to renewed global trade tension.

Trump’s New Tariff Wave Fuels Market Anxiety

Investor sentiment turned risk-off after US President Donald Trump issued a fresh set of tariff letters, targeting eight countries with tariff rates between 20% and 50%, all set to take effect from August 1. Among the most notable was a 50% tariff on US copper imports, announced on Wednesday, according to Reuters.

This fresh round of tariffs is stirring global trade war fears, pushing investors into traditional safe-haven assets such as Silver.

US Dollar Weakness Adds to Silver’s Appeal

The US Dollar Index (DXY), which measures the USD against a basket of six major currencies, dropped for the second straight session, trading near 97.40. A softer dollar makes dollar-denominated Silver cheaper for foreign buyers, further boosting demand.

“The dual pressure of escalating trade tensions and a softening dollar is creating an ideal setup for Silver bulls,” analysts note.

Key Support and Resistance Levels to Watch

• Resistance: $36.80 – recent swing high
• Support: $35.90 – key intraday level
• Watch for: US Initial Jobless Claims and global tariff responses