Silver Price News: Silver Eases to Pare Week-on-Week Gains

Silver prices eased slightly on Friday, taking the edge off what was otherwise a bullish week for the grey metal.

Prices were quoted at $32.50 an ounce by Friday evening, down from around $32.70 an ounce in late trades on Thursday.

Silver benefits from US trade policy chaos

Despite the small pullback on Friday, silver posted solid gains of more than 4% week-on-week. The gains reflect silver’s safe haven appeal as US President Donald Trump’s stop-start manoeuvres on trade tariffs have not only angered America’s major trading partners but also caused uncertainty over the global economic outlook. 

Trump last week issued a temporary halt to tariffs on Mexico and Canada, while Canada’s reciprocal tariffs remain in place and China’s trade policy responses have yet to take effect. Markets hate uncertainty, and the chaotic trade policies emanating from the White House have served to drive interest in safe havens like gold and silver. The outcome of efforts to bring an end to the Russia/Ukraine conflict remains a further uncertainty.

Gold prices saw gains of around 2% across the week, and this helped to create a tailwind for silver.

China launches stimulus measures

Adding a further prop for silver sentiment, China unveiled further fiscal stimulus measures last week at its National People’s Congress, as Asia’s giant economy looks to shore up its 5% GDP growth target amid what it described as “changes unseen in a century” unfolding across the world. China is a major consumer of silver, with key industrial uses including solar panels, electronics, brazing alloys and a host of other applications.

Upcoming data

Looking ahead, Monday will see Japanese GDP growth figures for Q4, followed by Brazilian industrial production figures for January on Tuesday, providing an update on the health of two major economies. Tuesday will also bring US JOLTs job openings for January, ahead of US inflation figures for February on Wednesday.