Silver holds above $31 as tariff fears boost demand

Silver prices stayed above $31.40 per ounce on Friday, maintaining a seven-week high as US President Donald Trump reaffirmed his threat to impose a 25% tariff on Mexico and Canada starting Saturday, sparking increased demand for safe-haven assets like silver.

Silver holds above $31 as tariff fears boost demand

The Silver Institute also forecasted a fifth consecutive year of significant market deficit for the metal in 2025, driven by robust industrial demand and substantial retail investment. While silver consumption in jewelry and silverware is expected to remain weak, demand in key industries like solar panels, electric vehicles, and consumer electronics continues to rise.

Silver supply to rise, but deficit continues

Though global silver supply is projected to increase this year with higher output from China, Canada, and Chile, the persistent deficit is expected to extend, highlighting the ongoing imbalance between supply and demand in the silver market.