Market Volatility Hits Precious Metals Hard

Silver prices experienced a dramatic drop, falling more than 4% to below $33.50 per ounce on Thursday, marking a three-week low. This decline comes as investors grapple with heightened market volatility in the wake of recent tariff announcements by US President Donald Trump.

Trump's Tariff Shake-Up

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

Precious Metals in Freefall

The repercussions were swift across the board for precious metals. Silver led the downturn with a 4.07% drop 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.