FX.co ★ Silver Pulls Back as Stronger Dollar Weighs on Metals

Silver prices fell to approximately $33.30 per ounce on Friday, reversing earlier gains from the week as easing global trade tensions bolstered the dollar, exerting pressure on commodities priced in the greenback. The dollar appreciated following US President Donald Trump's announcement that trade discussions with China are ongoing. Additionally, there have been encouraging signs of progress in negotiations with Japan and South Korea, enhancing investor sentiment. Reports indicate that China is considering the removal of its 125% tariff on specific US goods, fueling optimism for further easing of the trade conflict. Furthermore, President Trump reversed his stance on Federal Reserve Chair Jerome Powell, stating that he never intended to replace the central bank leader. In related developments, Cleveland Fed President Beth Hammack indicated that a policy move could be forthcoming in June, contingent on supportive economic data.