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Silver Tracks Gold, Faces Selling Pressure
Silver (XAG/USD) mirrored the weakness in gold, trading at $33.44 after touching an intraday low of $33.37. The broader risk-on tone, fueled by upbeat U.S. economic figures and reduced trade friction, contributed to the decline.
Both metals remain under pressure as investors tilt toward equities and higher-yielding assets.
Stronger U.S. Data Boosts Dollar, Fed Dovishness Cushions Gold
U.S. macro data released Thursday showed notable strength. Weekly jobless claims came in at 222,000, reflecting a still-resilient labor market. March durable goods orders surged 9.2%—driven by a third consecutive 27% rise in transportation equipment—beating the 2% forecast handily.
This bolstered the U.S. dollar, further weighing on gold. However, dovish commentary from Fed officials provided a partial buffer.
Cleveland Fed President Beth Hammack said rate cuts could begin as early as June, while Governor Waller acknowledged a need to ease policy if tariffs begin harming employment. Markets now price in up to three rate cuts by year-end.
Geopolitical Tensions Offer Safe-Haven Floor
Despite the pullback, geopolitical uncertainty continues to underpin gold. A missile strike in Kyiv—reportedly one of the deadliest since the start of the conflict—killed at least 12 people, keeping a geopolitical risk premium embedded in gold prices.
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