Spot Silver held in proximity to an all-time high of $117.69/oz. on Tuesday amid persistent geopolitical tensions, a crisis of confidence in the US administration and broader economic uncertainty.
Last week, US President Donald Trump backed away from threats to impose tariffs as leverage to take control of Greenland.
But, this past weekend, the US President threatened a 100% tariff on Canada in case the country followed through on a trade deal with China. He claimed Canada could serve as a transit point for Chinese goods entering the US.
Trump also said the US would impose a 200% tariff on French wines and champagnes and threatened a tariff raise on autos and other goods imported from South Korea.
Market participants now set their focus on the outcome of the Federal Reserve’s two-day policy meeting. The Fed is widely expected to keep its federal funds rate target range intact at 3.50%-3.75%.
Spot Silver was last up 4.03% on the day to trade at $107.88 per troy ounce.
Silver’s rally has also been driven by a historic short squeeze, robust retail investor demand and China’s tightening export controls.
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