Silver prices remained in range as President Donald Trump’s increased tariffs on $200 billion in Chinese imports took effect, keeping up selling pressure on riskier global markets and benefitting haven precious metals. The U.S. raised the import taxes on select goods from 10% to 25%, as the administration claims its Sino counterparts reneged on commitments made in earlier talks. Investor sentiment was already down when Trump said that China “broke the deal” in trade talks with Washington.
But Trump walked back his rhetoric some overnight, saying that a deal with China was still possible this week and that he had received a "beautiful" letter from China Premier Xi Jinping. The overall US trade deficit with the world increased 1.5% in March to $50 billion, as it continued to import more goods and services than it exported worldwide. At the same time, the US deficit with China narrowed further as US farmers exported more soybeans. US producer prices rose moderately in April, but underlying inflation pressures at the factory gate appeared to be picking up.
The Labor Department said its producer price index for final demand increased 0.2% last month after jumping 0.6% in March. The US Commerce Department said wholesale inventories in March slipped 0.1%, instead of being unchanged as previously reported. March's drop in wholesale inventories was the first decline since October 2017.
Technically market is under fresh selling as market has witnessed gain in open interest by 1.35% to settled at 22607, now Silver is getting support at 37244 and below same could see a test of 37133 level, And resistance is now likely to be seen at 37477, a move above could see prices testing 37599.
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