The price of %Silver continues to rise as the U.S. dollar weakens and investors seek safe haven assets amid the current stock market downturn.
Silver’s price has risen nearly 2% in the past 24 hours to trade at $32.99 U.S. per ounce as a weakening U.S. dollar reignites safe-haven demand for the precious and industrial metal.
The American dollar has been steadily declining in value amid escalating concerns over U.S. economic policies that have led to steep import tariffs and a global trade war.
The greenback, as the U.S. dollar is known, has sunk further as investors also worry about President Donald Trump’s threats to fire U.S. Federal Reserve Chair Jerome Powell.
Investors and analysts are worried about political interference in monetary policy and attempts to undermine the independence of the U.S. central bank.
At the same time, U.S.-China trade tensions are worsening, with China rejecting what it called America’s “trade bullying” and warning other countries against making deals with the Trump administration.
The broader uncertainty has helped to further lift silver’s price, which is seen as a safe haven and store of value during times of geopolitical and financial instability and upheaval.
The spot price of silver has risen 25% over the last 12 months, its best one-year performance in more than a decade.
