Market Volatility Hits Precious Metals Hard

In a dramatic turn of events, silver prices have tumbled more than 4%, dropping below $33.50 per ounce to hit a three-week low. This sharp decline comes as investors grapple with heightened market volatility following recent tariff announcements by US President Donald Trump.

Trump's Tariff Announcements Rattle Global Markets

President Trump has implemented a sweeping 10% base tariff on all imports, with significantly higher rates targeting key trading partners. China faces a 34% tariff, the EU 20%, and Japan 24%. Additionally, a 25% duty on all imported vehicles has taken immediate effect, further unsettling global markets.

Precious Metals Market Reacts

Following the announcements, silver prices plummeted 4.07% to $32.51 per ounce. Gold wasn't spared, falling 0.69% to $3,111.90 shortly after. Palladium and platinum also saw declines, dropping 1.05% to $966.34 and 1.20% to $948.85 per ounce, respectively.