Silver Tracks Gold, Faces Selling Pressure

Silver (XAG/USD) mirrored the weakness in gold, trading at $33.44 after touching an intraday low of $33.37. The broader risk-on tone, fueled by upbeat U.S. economic figures and reduced trade friction, contributed to the decline.

Both metals remain under pressure as investors tilt toward equities and higher-yielding assets.

Stronger U.S. Data Boosts Dollar, Fed Dovishness Cushions Gold

U.S. macro data released Thursday showed notable strength. Weekly jobless claims came in at 222,000, reflecting a still-resilient labor market. March durable goods orders surged 9.2%—driven by a third consecutive 27% rise in transportation equipment—beating the 2% forecast handily.

This bolstered the U.S. dollar, further weighing on gold. However, dovish commentary from Fed officials provided a partial buffer.

Cleveland Fed President Beth Hammack said rate cuts could begin as early as June, while Governor Waller acknowledged a need to ease policy if tariffs begin harming employment. Markets now price in up to three rate cuts by year-end.

Geopolitical Tensions Offer Safe-Haven Floor

Despite the pullback, geopolitical uncertainty continues to underpin gold. A missile strike in Kyiv—reportedly one of the deadliest since the start of the conflict—killed at least 12 people, keeping a geopolitical risk premium embedded in gold prices.