Spot Silver shot up to a new all-time high above $99/oz. on Friday and was on course for its third consecutive weekly advance, after US President Donald Trump said a US naval “armada” was on its way toward Iran. This re-ignited geopolitical concerns and bolstered demand for safe-haven assets.
Speaking aboard Air Force One on Thursday, Trump said a US naval contingent was heading toward Iran. According to reports, a US aircraft carrier and several destroyers are expected to arrive in the Middle East in the coming days.
Earlier in January, Trump warned Iran against killing protestors amid widespread demonstrations. Although his tone later softened, Trump’s latest remarks revived market concerns.
On the trade front, Trump said that he had secured permanent US access to Greenland in a deal with NATO, but details were not provided.
Trump’s planned tariffs on EU imports were also canceled. In response, the EU said threatened retaliatory measures would be suspended, while the bloc seeks clarity on Trump’s intentions.
On the data front, both headline and core US PCE increased in line with market consensus, implying that disinflation continues.
Investors are currently expecting at least two rate cuts by the Federal Reserve this year, starting as early as June.
Spot Silver was last up 2.02% on the day to trade at $98.12 per troy ounce.
The white metal has risen 8.84% so far this week.
Silver’s rally has also been driven by a historic short squeeze and robust retail buying.
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