Spot Silver pulled back from a record high level of $93.56/oz. on Thursday, after the Trump administration abstained from imposing new tariffs targeting imports of critical minerals.
Additionally, profit-taking activity also contributed to the pullback in prices.
US President Donald Trump said that he would seek to negotiate agreements with trading partners to ensure the US is sufficiently supplied with critical minerals and to reduce supply chain strains rapidly.
On the geopolitical front, US President Trump, to an extent, calmed market anxiety over possible US military campaign against Iran. Trump said he had received assurances that Iranian authorities would stop killing protesters and that he believed there was no current plan for large-scale executions.
Trump also addressed market concerns about the Federal Reserve’s leadership. He said that he had no plan to remove Federal Reserve Chair Jerome Powell, despite an ongoing probe.
Federal prosecutors threatened to indict Fed Chair Jerome Powell over his congressional testimony on a Fed building renovation project. Powell said this was a “pretext” intended to mount more pressure on the US central bank to cut interest rates.
Meanwhile, investors continued to evaluate the potential depth of the Federal Reserve’s policy easing.
US producer inflation data for November turned out to be softer than expected and, similar to earlier US CPI report, suggested that price pressures were gradually easing. This could provide room for the Federal Reserve to lower interest rates.
Spot Silver was last down 3.00% on the day to trade at $90.47 per troy ounce.
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