Spot Silver scaled a fresh high not seen since September 2011 (at $39.13), after fresh tariff threats by US President Donald Trump, which spurred demand for safe-haven assets.
He threatened over the weekend to impose a 30% tariff on imports originating from Mexico and the European Union, beginning on August 1st, as trade negotiations failed to produce a comprehensive deal.
Both the European Union and Mexico stated that the tariffs were unfair and disruptive.
Last week, Trump unveiled a 35% tariff on Canadian imports and a 50% tariff on Brazilian imports.
Market players now awaited the key US CPI inflation data that may provide further clues over the Federal Reserve’s monetary easing path.
Markets are now pricing in a bit more than 50 basis points of Fed rate cuts by year-end.
Spot Silver was last up 0.99% on the day to trade at $38.80 per troy ounce.
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