Silver prices fell to around $30 per ounce on Tuesday, extending losses from the previous session as the dollar rebounded amid growing tariff threats from US President Donald Trump.
Silver falls as dollar rebounds
Trump outlined plans to impose tariffs on imports of chips, pharmaceuticals, steel, aluminum, and copper in a bid to strengthen domestic production. Traders remained cautious ahead of the February 1 deadline for the first round of tariffs targeting China, Mexico, and Canada, as previously announced by the President.
Attention to the Fed
Meanwhile, investors are preparing for the US Federal Reserve’s policy decision this week, where it is widely expected to maintain interest rates at current levels. Additionally, overcapacity in China’s solar panel industry has led photovoltaic companies to participate in a government-led self-discipline program, which is anticipated to reduce demand for silver from one of its major industries.
