Silver surged toward $31 per ounce on Wednesday, nearing a six-week high, as demand for safe-haven assets rose following tariff threats from US President Donald Trump.
Silver approaches six-week high
On Tuesday, Trump suggested a potential 10% tariff on Chinese imports starting February 1, just a day after threatening Mexico and Canada with 25% tariffs.
While no immediate action has been taken, hopes remain that the administration might take a more cautious approach. Silver’s rally is also bolstered by expectations of further Federal Reserve interest rate cuts this year, which could weaken the dollar and enhance demand for commodities.
Optimistic outlook for silver
Additionally, supply concerns—particularly in London vaults—and robust industrial demand, especially from the manufacturing sector, support the optimistic outlook for silver.
