Spot Silver held in proximity to a fresh 22-week high of $34.59 per troy ounce on Monday, as US President Trump’s tariff plans fueled concerns of a wider global trade war, spurring safe-haven demand.
The Trump administration’s reciprocal tariffs, which are set to take effect on April 2nd, now come in the spotlight, as many believe they may reignite inflation and hinder GDP growth.
And, auto tariffs are to take effect on April 3rd.
Trump said over the weekend he was “pissed off” at Russian President Vladimir Putin and threatened to impose secondary tariffs of 25% to 50% on buyers of Russian oil if he feels Russia is blocking his efforts to put an end to the conflict in Ukraine.
Trump also threatened Iran with additional tariffs in case Tehran fails to make nuclear deal. This further added to concerns over an expanding trade war.
On the monetary front, San Francisco Fed President Mary Daly said that the latest PCE inflation data had pared her confidence in the expectation that two interest rate cuts for the year remain a reasonable forecast.
Spot Silver was last up 0.35% on the day to trade at $34.25 per troy ounce.
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