Silver Price Forecast: XAG/USD holds gains near $95.00 amid safe-haven demand
- Silver continues to attract buyers amid rising geopolitical tensions.
- President Trump said there is “no turning back” on his ambitions regarding Greenland.
- The European Parliament plans to suspend approval of the US trade deal agreed in July.
Silver price (XAG/USD) hovers around an all-time high of $95.89, reached in the previous session, currently trading around $94.80 per barrel during the Asian hours on Wednesday. Precious metals, including Silver continue to attract buyers amid rising geopolitical tensions.
US President Donald Trump said there is “no going back” on his ambitions regarding Greenland, alongside earlier threats to impose new 10% tariffs on European Union (EU) members, fuelling concerns over slower economic growth.
Meanwhile, the European Parliament plans to suspend approval of the US trade deal agreed in July, with the decision set to be announced on Wednesday in Strasbourg, France. An escalation in US–Europe tensions could lift safe-haven demand in the near term, according to a BBC report.
However, the upside of the non-interest-bearing Silver could be restrained as traders push back their bets that the US Federal Reserve (Fed) would cut interest rates later this month after signs of an improving US labour market.
Traders are now pricing in the next rate cut in June, the month after Fed Chair Jerome Powell’s tenure ends, with another easing expected in the fourth quarter. Overall, the prevailing view is that the US central bank can keep interest rates higher for longer.
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