Silver Price News: Silver Pulls Back to Just Above $34

Silver prices showed initial strength on Friday, on the back of fresh all-time highs for gold, only to fall back later in the day to clock day-on-day losses.

Prices briefly rose as high as $34.76 an ounce, but fell back later to trade at around $34.10 an ounce, down from $34.50 an ounce in late trades on Thursday.

The early gains came as gold prices hit a fresh all-time high of $3,088 an ounce on Friday, driven by increased flows into safe havens amid an escalating global trade war.

Tariffs turmoil deepens

US President Donald Trump last week announced new 25% tariffs on all cars and auto parts imported into the US, effective April 2^nd, adding to concerns about impacts on economic growth, and in turn boosting interest in precious metals.

While the latest trade jitters are clearly positive for gold as a safe haven asset, silver’s reaction has been less pronounced, reflecting the metal’s role as both a precious and an industrial metal. Any global slowdown in manufacturing, including the auto sector, could dent industrial demand for silver, particularly if the disruption to supply chains is protracted.

Technical analysis

Silver’s rally on Thursday and early Friday took the metal above ascending oblique major support at $34.06 an ounce and this level appeared to prove decisive in stemming silver’s losses on Friday. The price is still well above the 20-day moving average at $33.21 an ounce. Further gains for gold would be expected to give silver a lift, while any downside moves could see silver test declining oblique minor support at $32.84 an ounce.