Silver Price News: Silver Falls as Gold Retreats from All-Time High

Silver prices fell for a third straight day on Friday, with the market continuing to pull back from four-month highs of over $34.00 an ounce seen earlier in the week.

Prices fell as low as $32.70 an ounce on Friday, down from around $33.60 an ounce in late trades on Thursday. Silver’s action largely followed gold prices, which lost ground on Friday as the dollar strengthened against other major currencies.

US Fed chair plays cool on rate cuts

US Fed chair Jerome Powell last week said the central bank was in no rush to cut interest rates in the short-term, in a stance that appears to be at odds with US President Donald Trump who has been calling for looser monetary policy. The start of US trade tariffs has raised the prospect of higher inflation, which could keep pressure on the Fed to keep rates at higher levels. A higher-for-longer scenario for interest rates is bearish for precious metals as it increases the opportunity cost of holding non-yielding assets.

Upcoming data

Turning to the week ahead, Monday will see monthly manufacturing figures for the Euro Area, UK and US, providing updated signals on industrial demand for silver in several western economies. Then attention will turn to Wednesday’s US durable goods orders for February, followed by US GDP growth for Q4 2024.