Spot Silver held not far from recent 22-week high of $34.59 per troy ounce on Tuesday, as market players awaited the upcoming US reciprocal tariff announcement.
US President Trump is expected to impose tariffs on a range of products and nations, including Canada and Mexico, two key US trading partners, tomorrow.
And, auto tariffs are to take effect on April 3rd.
Trump also threatened to impose secondary tariffs of 25% to 50% on buyers of Russian oil and additional tariffs on Iran in case Tehran fails to make nuclear deal.
This has intensified anxieties regarding a potential global trade war. The potential ramifications of these trade tensions have introduced a significant degree of uncertainty to the global economic outlook, leading to a risk-averse environment.
In terms of macro data, investor focus now sets on the US job openings and manufacturing activity reports for more clues over the state of the economy.
Spot Silver was last down 0.26% on the day to trade at $34.00 per troy ounce.
The commodity gained 9.43% in March to mark its best monthly performance since May 2024.
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