Silver prices were steady at $31 an ounce on Monday, as the dollar surged following the imposition of new U.S. tariffs on major trading partners.

Over the weekend, U.S. President Donald Trump imposed 25% tariffs on goods from Mexico and Canada and 10% levies on imports from China, prompting retaliatory measures from affected countries. Markets are now pricing in the rising risks of global trade disruptions, slower economic growth and resurgent inflation, along with expectations of fewer interest rate cuts from the U.S. Federal Reserve.

In contrast, the Silver Institute recently forecast a fifth consecutive year of significant market deficits for the metal by 2025, driven by strong industrial demand and retail investment. These factors are expected to outweigh weaker consumption in silver jewelry and silverware.

Source: Trading Economics