Silver settled flat as the dollar gained in strength and equities moved higher amid renewed optimism that the world's two largest economies will agree on a trade deal sometime in the foreseeable future. A slightly conciliatory tone on trade talks by U.S. President Donald Trump has helped ease worries about trade jitters.
Trump indicated that he would be meeting with Chinese President Xi Jinping at the G20 Summit in Japan late next month. "We have a very good relationship. Maybe something will happen," Trump said. "But we're going to be meeting, as you know, at the G20 in Japan.
And that will be, I think, probably, a very fruitful meeting." However, decline was limited due to reports that the office of U.S. Trade Representative is taking necessary steps to raise duties of up to 25% on a further $300 billion worth of imports from China. Worries about trade conflicts rose after China decided to increase tariffs by 5 to 25% on about $60 billion worth of U.S. products, in retaliation to the U.S. move to hike tariffs on about $200 billion of Chinese goods.
A report from the Labor Department showed U.S. import prices rose by much less than expected in the month of April. A drop in prices for non-fuel imports partly offset another jump in prices for fuel imports, the report showed. Import prices edged up by 0.2% in April after climbing by 0.6% in March. Technically now Silver is getting support at 37388 and below same could see a test of 37260 level, And resistance is now likely to be seen at 37667, a move above could see prices testing 37818.
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