Silver prices slid over 1% to dip below $33.50 per ounce on Thursday, reaching a one-week low as traders grappled with market uncertainties following US President Donald Trump's sweeping tariff measures. Trump imposed a 10% baseline tariff on all imports, with steeper levies targeting major trading partners such as China (34%), the EU (20%), and Japan (24%).
Additionally, a 25% tariff on foreign-made automobiles took immediate effect. Defending the move, Trump framed the tariffs as a strategy to bolster domestic manufacturing and reduce trade deficits. While gold surged to a record high in response to the announcement, silver came under pressure amid a broad selloff in commodities.
Meanwhile, US economic data showed the manufacturing sector slipped into contraction in March, while job openings in February fell more than expected to 7.57 million. Investors now look ahead to Friday's nonfarm payroll report for further economic signals.
Source: Trading Economics
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