Spot Silver surged to a new 3-week high of $91.25/oz. on Wednesday amid lingering uncertainty surrounding US tariffs in the wake of the US Supreme Court’s ruling.
Yesterday the United States began to collect a temporary 10% global import tariff. According to a Reuters report, citing a White House official, the Trump administration is working to increase that levy to 15%.
In geopolitics, during his State of the Union speech to Congress, US President Donald Trump briefly outlined the case for a possible strike on Iran, stressing that he will not allow the Islamic country to have a nuclear weapon.
The US and Iran are set to reconvene in Geneva on Thursday for another round of nuclear talks.
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.
And, Susan Collins, President and CEO of the Federal Reserve Bank of Boston, said that keeping interest rates on hold for some time was likely appropriate, as she cited improving labor market conditions along with persistent inflation risks.
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 up 3.71% on the day to trade at $90.39 per troy ounce.
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