Silver prices hovered around $36 per ounce on Friday, trading at their highest levels since February 2012 as soft US economic data and a dovish Federal Reserve outlook continued to drive demand for safe-haven assets. Expectations for a Fed rate cut in September have strengthened after a series of disappointing indicators. Recent data showed rising jobless claims, weaker private employment, and an unexpected contraction in services activity—all pointing to signs of labor market softening. Investors now turn their attention to the upcoming nonfarm payrolls report for further clarity on the economic outlook. On the geopolitical front, a phone call between US President Donald Trump and Chinese President Xi Jinping offered some relief as both sides agreed to resume trade negotiations. However, the absence of concrete progress and Trump’s move to double tariffs on steel and aluminum imports to 50% this week added to broader market unease.