Silver prices dropped to around $31.50 per ounce on Friday, bringing weekly losses to nearly 8% as global trade and economic worries triggered a widespread selloff across financial markets.

The decline followed US President Donald Trump's announcement of a 10% baseline tariff on all imports, with higher levies targeting major economies including China (54%), the EU (20%), Japan (24%), and India (27%).

Affected nations have vowed to retaliate, stoking fears of a tariff-driven global economic slowdown. Equities and commodities bore the brunt of the selloff, while investors shifted toward safe-haven assets like government bonds.

Still, silver and other precious metals may find renewed support as recession worries grow, with traders increasingly betting on Federal Reserve rate cuts in the coming months.

Source: Trading Economics