Silver prices held steady around $30.30 per ounce on Tuesday, following a more than 3% drop in the previous session, as demand for safe-haven assets like precious metals diminished.
Silver prices stabilize at $30.30
The pullback came as reports indicated Israel and Hezbollah were nearing a ceasefire agreement, easing geopolitical tensions in the Middle East. Market sentiment was further lifted by the nomination of Scott Bessent as US Treasury Secretary, which provided investors with a sense of stability. Bessent, who emphasized that inflation would not be a goal of Trump's economic policies, also suggested that any new tariffs should be implemented gradually.
Effects of Trump's tariffs
Meanwhile, President-elect Donald Trump reaffirmed his plans to impose additional tariffs on China, Mexico, and Canada, raising concerns about rising global trade tensions.
