Market Volatility Hits Precious Metals

In a startling turn of events, silver prices have taken a significant hit, dropping more than 4% to fall below $33.50 per ounce. This marks a three-week low as investors grapple with the aftermath of recent global economic policies.

The Trigger Behind the Turmoil

The sharp decline follows US President Donald Trump's announcement of broad tariffs, including a 10% base tariff on all imports. Notably, higher rates have been imposed on key trading partners: China at 34%, the EU at 20%, and Japan at 24%. Additionally, a 25% duty on imported vehicles has been implemented immediately, further unsettling the markets.

Precious Metals in the Red

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.