Spot Silver hovered above a fresh one-month low of $31.16 on Friday, since global trade concerns led to a broad sell-off across market segments. That followed the US’ sweeping tariff measures.
This week, the Trump administration announced a 10% baseline tariff on all imports to the United States and higher levies on a number of nations, including some of the US key trading partners.
The most substantial tariffs were aimed at China, as the country was hit with a cumulative 54% duty. Traditional allies were also targeted, as Japan confronted a 24% tariff, while the European Union faced a 20% levy.
Affected nations have pledged to retaliate, fueling concerns over a global economic slowdown.
Investor focus now sets on the Non-Farm Payrolls report later today for more clues over the state of the economy and the Fed’s future rate cut path.
Employers in all sectors of the US economy, excluding farming, probably added 140,000 job positions in March, according to market consensus, following a job growth of 151,000 in February.
Spot Silver was last losing 1.35% on the day to trade at $31.42 per troy ounce.
Yesterday the commodity lost 6% amid a broader market sell-off, while it has retreated 7.97% so far this week.
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