Silver prices rose over 1% to around $33.40 per ounce on Monday, approaching two-month highs as escalating global trade tensions boosted demand for safe-haven assets.
The move came after US President Donald Trump announced plans late Friday to double tariffs on steel and aluminum imports to 50%, effective June 4. China also rejected Trump's claims that it breached a trade agreement reached in Geneva last month—casting further doubt on the prospect of a call between Trump and Chinese President Xi Jinping.
The tariff announcement also comes amid an ongoing legal battle over the legality of Trump's trade actions. While a federal court had initially blocked some of the tariffs, an appeals court recently reinstated them, allowing the case to proceed.
With uncertainty rising over global trade policy and its potential economic fallout, investors turned to precious metals as a hedge, driving silver prices higher alongside gains in gold.
Source: Trading Economics
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