Spot Silver scaled a 1 1/2-week high of $33.57 on Monday, as US President Donald Trump’s fresh tariff threats heightened the safe-haven allure of the metal.
A softer US Dollar was also providing support to the white metal. The US Dollar Index was last down 0.71% to 98.740.
A weaker US Dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
Last Friday, Trump threatened to double existing tariffs on imports of steel and aluminum from 25% to 50%, taking effect on June 4th.
Trump also reignited tensions with China, arguing Beijing had violated the conditions of its trade deal with the US.
Trump’s accusations followed earlier commentary by Treasury Secretary Scott Bessent, who claimed that trade talks with China had stalled.
In the meantime, China countered these claims with its own accusations of US wrongdoing.
Spot Silver was last up 0.97% on the day to trade at $33.30 per troy ounce.
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