Spot Silver rose to a fresh 2 1/2-week high above $87.80/oz. on Monday, as uncertainty stemming from the US Supreme Court’s decision to strike down US President Donald Trump’s sweeping tariffs prompted investors to flock to safe-haven assets.
The US Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act were unlawful without approval from Congress. The decision has prompted a reassessment of US trade authority and its implications for global trade flows.
In response to the Supreme Court decision, Trump indicated an intention to push forward with a new 15% global tariff using different trade statutes, keeping uncertainty around US trade rules elevated.
US Treasury Secretary Scott Bessent, along with other White House officials, signaled that the administration would seek to maintain as many existing tariffs as possible by shifting to alternative legal justifications.
In geopolitics, Iran has indicated it may offer concessions in nuclear negotiations with the US in exchange for sanctions relief and recognition of its right to enrich uranium, as it seeks to avoid a potential attack. The two parties are set to reconvene in Geneva on Thursday.
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