Silver prices rose above $33.70 per ounce on Thursday, extending weekly gains to over 2% as escalating global trade tensions fueled demand for safe-haven assets.
On Wednesday, President Donald Trump announced a 25% tariff on all imported cars and light trucks, set to take effect on April 2, alongside reciprocal tariffs on countries imposing levies on US goods—measures he vowed to maintain throughout his second term.
The tariffs raised fears of retaliation, adding pressure on US economic growth while potentially reigniting inflation. Meanwhile, expectations of further Federal Reserve rate cuts also supported silver prices. Traders are currently pricing in two quarter-point cuts this year—one in June and another in September—while the probability of a third cut in December is rising.
Source: Trading Economics
