Spot Silver pulled back from a 2 1/2-week high of $89.04/oz. on Tuesday, as a firmer US Dollar overshadowed support from uncertainty surrounding US tariffs and geopolitical tensions.
The US Supreme Court ruled that US President Donald Trump’s tariffs imposed under the International Emergency Economic Powers Act were unlawful without approval from Congress.
In response to the Supreme Court decision, Trump indicated an intention to push forward with a new 15% global tariff using different trade statutes.
Trump also warned countries against backing away from recently negotiated trade deals with the US, stating that in such a case, he will impose much higher levies under different trade laws.
The US Dollar Index was last 0.18% higher on the day, recouping recent losses. A firmer dollar makes dollar-priced Silver less appealing to international investors holding other currencies.
On the monetary policy front, Federal Reserve Governor Christopher Waller said he was open to keeping interest rates intact at the March meeting in case the February employment data implied the US labor market had “pivoted to a more solid footing” after weakness throughout 2025.
Investors are currently expecting the first rate cut, out of potential three, by the Fed for this year to occur as early as June.
Spot Silver was last little changed on the day to trade at $88.24 per troy ounce.
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