Spot Silver rebounded from a 7-month low of $28.37 per troy ounce, while steading above the $30.00 mark, amid shifting global trade dynamics.
US President Trump has indicated willingness to engage in trade negotiations with major partners, which paved the way for some optimism over a potential easing of trade tensions.
US Treasury Secretary Scott Bessent said nearly 70 countries had reached out to Washington to discuss tariff relief.
Media reports emerged on Monday stating that multiple countries were engaging with the US to negotiate “great deals” and that the White House was considering a potential 90-day pause on tariffs. However, the White House reaffirmed its commitment to the tariff strategy, with trade advisors asserting that the policy was not a subject for negotiation.
On the other hand, US President Trump threatened to impose an additional 50% tariff on goods imported from China, unless Beijing lifts its levies on US imports. Beijing condemned this as “economic bullying” and a “mistake on top of a mistake,” reiterating its commitment to take countermeasures to protect its interests. These developments only added to concerns over a prolonged trade war between the two economic powerhouses.
Market focus now sets on the minutes of the Federal Reserve’s March meeting, due out on Wednesday, for clues over how policy makers have weighed the risk of a broader tariff war.
Markets are now pricing in about 93 basis points of interest rate cuts by the Federal Reserve by December.
Spot Silver was last up 0.41% on the day to trade at $30.21 per troy ounce.
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