Silver prices held steady around $34.50 per ounce on Thursday, nearing their highest level in seven months, as a wave of disappointing U.S. economic data weighed on the dollar and boosted demand for safe-haven assets.
An ADP report released on Wednesday showed that the U.S. private sector added only 37,000 jobs in May—far below expectations and the weakest reading in over two years.
The ISM Services PMI pointed to a contraction for the first time in nearly a year, with a sharp drop in new business and rising input costs, likely linked to the new tariffs.
President Donald Trump continued to pressure the Federal Reserve to cut interest rates, but officials have so far preferred a cautious approach amid growing uncertainty.
On the trade front, Trump dampened sentiment by saying it would be “very difficult” to reach a deal with Chinese President Xi Jinping, despite earlier signs the two leaders might speak this week
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