Spot Silver registered its lowest price level since September 11th 2024 on Monday, at $28.37 per troy ounce, in a volatile trade, as market players continued to assess the impact of an escalating trade war on the global economy.
Silver has lost more than 15% over the past three trading days alone amid a broader market sell-off, as investors likely sold the metal to realize profits and cover losses or margin calls on other trades.
China announced on Friday it planned to implement 34% tariffs on all goods imported from the US as well as export curbs on some rare earth metals.
The move came as a response to the Trump administration’s 54% duties imposed on Chinese imports. This fueled concerns over an escalating trade conflict between the world’s first two largest economies, triggering a sell-off across market segments.
Still, Silver may draw renewed support from prospects of more Federal Reserve rate cuts this year.
Spot Silver was last up 2.30% on the day to trade at $30.27 per troy ounce.
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