Silver Price News: Silver Rises as Gold Leads the Way

Silver prices rose to a four-month high on Friday, following in the wake of gold, which hit a fresh all-time high above $3,000 an ounce amid deepening worries over the economic outlook.

Silver prices rose as high as $34.25 an ounce on Friday, up from around $33.92 in late trades on Thursday. That was the highest price for silver since late October 2024.

The latest gains came as the trade war showed little sign of abating, with fresh threats of tariffs on goods traded between the US and EU. The general air of policy uncertainty has prompted traders to hedge risks by switching into relative sanctuaries like precious metals, lifting gold and silver prices.

Weaker US inflation triggers rate cut hopes

In addition, weaker than expected US inflation figures released last week strengthened expectations that the US Fed will cut interest rates further this year, providing a lift for non-yielding precious metals.

Technical analysis

On the technical charts, silver prices were testing rising oblique major resistance at $33.80 an ounce on Friday, with intra-day movements pushing prices above that threshold. This is a level to watch, as a solid and sustained move above this level would place silver in a strong technical position for further gains. On the downside, oblique major support lies at $33.05 an ounce, which could come into play if prices retreat from current levels.

Upcoming data/events

Looking ahead, Monday will bring US retail sales figures and a speech by ECB President Christine Lagarde. Further out, Tuesday will see a flurry of economic data including Euro Area economic sentiment figures, Canadian inflation, US industrial production and Japanese machinery orders, for an update on industrial conditions in Japan, a major industrial consumer of silver.