Perak Holds Below $33.00 As Safe-Haven Demand Weakens
Silver (XAG/USD) prices snapped a four-day winning streak, trading around $32.80 a troy ounce during European trading hours on Wednesday (05/14). The metal’s safe-haven appeal has weakened amid easing global trade tensions.
Reports suggest that the US and China have reached a preliminary deal to substantially reduce tariffs. Under the proposed terms, the US will lower tariffs on Chinese goods from 145% to 30%, while China will reduce tariffs on US imports from 125% to 10%. The developments are widely seen as a positive step towards easing trade tensions between the two economic giants.
Further boosting sentiment, US President Donald Trump told Fox News that the US is working to expand market access in China and described the US-China relationship as “very good.” Trump also signaled a willingness to engage in direct talks with President Xi Jinping in an effort to reach a broader trade agreement.
Source: FXStreet