Silver prices (XAG/USD) have maintained a bullish trend around $29.71, reaching an intraday high of $29.73. This upward movement is driven by increased demand for silver as a safe-haven asset amid global uncertainties. Investors typically turn to precious metals like silver during economic or geopolitical instability, supporting its price.
Additionally, softer-than-expected US inflation data for April has sparked hopes for potential rate cuts from the Federal Reserve, further boosting silver prices. Currently, traders are hesitant to take strong positions due to the lack of significant economic data from the US. Instead, they are focusing on speeches by Federal Reserve officials, including Kashkari, Waller, and Daly, for potential insights into the Fed’s future monetary policy direction.
