Silver surged above $32 per ounce on Wednesday, hitting a three-month high as global trade and economic uncertainties fueled safe-haven demand for precious metals. The metal also benefited from a sharp pullback in the dollar.
Earlier this week, the US delayed its planned 25% tariffs on Mexico and Canada for one month but proceeded with the imposition of 10% tariffs on China. Beijing retaliated with its own tariffs on select US exports and targeted several US firms for potential sanctions.
On the supply side, the Silver Institute recently forecasted a fifth consecutive year of significant market deficits for silver in 2025, driven by robust industrial demand and strong retail investment. These factors are expected to outweigh weaker consumption in jewelry and silverware.
Source : Trading Economics
