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Silver prices in US today: Spot rises 0.7% to $36.84 per ounce
Silver prices rose to $36.84 per ounce as gold reached $3,343.94, driven by US economic concerns.
Spot silver rose 0.7% to $36.84 per ounce in the US today, according to Monex. Yesterday, it was around $36 per ounce. Meanwhile, spot gold was trading at $3,343.94 per ounce early Friday (2:17 am ET), while Gold futures were higher, at around $3,354.00, per Reuters.
Analysts say the rise is mostly due to concerns about the US economy. Ricardo Evangelista, a senior analyst at ActivTrades, said worries over the US fiscal situation and the upcoming July 9 tariff deadline have pushed more people to buy gold as a safe investment, per the outlet.
President Donald Trump recently announced changes in US trade policy. On Friday, the US will start sending letters to other countries, moving away from earlier one-on-one trade talks. Back in April, Trump announced tariffs of 10% to 50%, but later reduced most to 10%, giving time for negotiation until the July 9 deadline.
Trump’s tax cut bill also passed its final step in Congress on Thursday. The bill makes his 2017 tax cuts permanent, provides funding for immigration enforcement, and includes new tax breaks he promised during the 2024 campaign.
Also Read: Gold price today in US: Drops 1% to $3,328.63 as rate cut hopes fade
US dollar index fell by 0.2%
The US dollar index fell by 0.2% and is on track to fall for the second week in a row. A weaker dollar usually makes gold cheaper for buyers using other currencies.
Meanwhile, new data showed that US job growth in June was stronger than expected. But nearly half of the new jobs came from the government. Private businesses added the fewest jobs in eight months, as they dealt with rising economic challenges.
UBS analyst Giovanni Staunovo told the outlet that the job report shows the economy is slowing, but not stopping completely. That means the Federal Reserve may not rush to cut interest rates anytime soon.
Other metals
In other metals, Palladium fell 0.3% to $1,133.21, and Platinum rose 0.5% to $1,374.21 and is on track for its fifth week of gains, per the outlet.
