Silver prices soared past $32.50 per ounce on Wednesday, marking their highest level in nearly two weeks. This uptick was spurred by intensifying trade tensions and widespread economic uncertainty, which bolstered demand for safe-haven assets. The recent surge followed U.S. President Donald Trump’s directive for an investigation into the possibility of imposing new tariffs on all critical mineral imports—a significant portion of which originate from China. This move has amplified fears of a worsening trade conflict. Meanwhile, Beijing remains steadfast in its resistance to what it perceives as Trump’s “trade bullying,” preparing for the broader impacts of both current and potential U.S. tariffs. Additionally, the weakening of the U.S. dollar, driven by fears of a tariff-triggered economic slowdown, further supported silver. Investors are also keenly awaiting comments from Federal Reserve Chair Jerome Powell later in the day, as his statements could impact forecasts regarding interest rates and inflation.
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