Silver Price News: Silver Shines as Gold Hits All-Time High

Silver prices rose on Friday to cap a bullish week for the grey metal, moving in tandem with strengthening gold prices as the dollar weakened and as traders continued to seek safe havens amid volatility in the wider financial markets.

Prices rose as high as $32.39 an ounce on Friday, up from around $31.24 an ounce in late trades on Thursday. Friday’s action means silver prices have gained over $2 in three days, moving in line with a rebound in gold late last week.

Weaker dollar boosts precious metals

The US dollar fell sharply against other major currencies on Friday, reaching a three-year low against the Euro, and this was a clear bullish factor for dollar-denominated gold and silver prices.

The financial markets were still on edge amid uncertainty over the long-term outcome of a tense stand-off between America and China over trade tariffs. The US has raised its tariff on Chinese goods to 145% – a move that came in response to China raising its tariff on US goods to 125%. While US President Donald Trump has announced a 90-day pause on the recent tariff hikes for most countries, it is still far from clear where the trade war will settle, and this continues to drive interest in tangible assets like precious metals.

In addition, US inflation figures for March released on Friday came in below market expectations, strengthening the case for interest rate cuts by the US Fed – a supportive factor for gold and silver.

Upcoming data

Looking ahead, Tuesday will bring Euro Area industrial production figures for February, while Wednesday will see monthly Japanese machinery orders and Chinese and US industrial production figures for March, all of which may provide signals on industrial demand for silver. That said, the current tense environment in financial markets means developments on the US tariffs front are likely to dominate sentiment and day-to-day price direction for precious metals.