Spot Silver pulled back from a 3-week high of $91.28/oz. on Thursday, as focus sets on US-Iran nuclear talks in Geneva for indications whether tensions in the Middle East may ease or escalate.
Despite the pullback, the white metal is up more than 3% so far this week amid uncertainty over US trade policy and geopolitical tensions.
The United States seeks to persuade Tehran to abandon its nuclear infrastructure plans. US President Donald Trump has warned that military action may follow in case Iran refuses to reach a deal.
On the trade front, US Trade Representative Jamieson Greer suggested yesterday that Washington could raise tariffs on some countries to 15% or higher from the recently set 10%. He, however, did not specify which partners might face higher duties.
Investors are concerned some countries may renegotiate trade deals following the Supreme Court ruling against Trump’s tariff policies.
In terms of monetary policy, 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 down 1.96% on the day to trade at $87.48 per troy ounce.
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