Han Tan, chief market analyst at Exinity Group, said: "The market is very clear that the road to reaching a trade agreement between major economies will not be smooth sailing. As long as there is a risk of further escalation of global trade tensions, or even just remain high for a longer period of time, gold should continue to be supported." The CPI may provide investors with more guidance on the Fed's policy path. "The market expects CPI data to rise, which should curb the possibility of a Fed rate cut." Tan added. "We expect silver prices to reach $38 per ounce in the coming months. Market deficit considerations and a weakening dollar are key factors for further price gains, potentially testing $40 per ounce."