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“Gold is facing resistance as higher bond yields and a firmer dollar continue to cap gains,” said Daniel Ghali, a commodities strategist at TD Securities.
Despite the pullback, gold remains supported by escalating trade tensions and geopolitical risks, factors that continue to fuel demand for safe-haven assets.
Silver Holds Near $32 as Market Uncertainty Offsets Dollar Strength
Silver (XAG/USD) is trading at $32.10, after briefly touching an intra-day high of $32.04. Like gold, silver’s rally is being capped by rising Treasury yields and a stronger dollar, both of which make commodities less appealing.
However, geopolitical tensions and trade disputes are providing some support. China, Canada, and Mexico have introduced retaliatory tariffs in response to new U.S. import duties, adding to global economic uncertainty. Historically, silver benefits from its dual role as a safe-haven asset and an industrial metal, particularly in times of market volatility.
“Silver’s outlook is caught between two opposing forces: a strong dollar limiting gains and economic risks increasing safe-haven demand,” said Ole Hansen, Head of Commodity Strategy at Saxo Bank.
Trade Disputes and Economic Uncertainty Keep Gold in Focus
Despite gold’s dip, escalating trade disputes continue to support demand. The U.S. government recently imposed:
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