Spot Silver scaled a fresh 2-week high of $33.12 on Wednesday, as demand for safe haven assets was underpinned amid intensifying trade tensions and broad economic uncertainty.
US Dollar weakness also contributed to Silver’s surge. The US Dollar Index was last down 0.53% to 99.574.
A weaker dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
Amid an escalation of US-China trade tensions, Nvidia said it would incur $5.5 billion in charges after the Trump administration limited exports of its H20 artificial intelligence chip to China. Nvidia will need permits to ship this product to China due to concerns surrounding its potential usage in Chinese supercomputers.
And, the Chinese government has ordered airlines not to take any further deliveries of Boeing aircraft in response to the recently imposed US tariffs on Chinese goods.
US President Trump has also ordered a probe into potential new tariffs on all critical mineral imports, many of which originate from China.
Spot Silver was last up 1.65% on the day to trade at $32.85 per troy ounce.
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