Market Volatility Hits Precious Metals Hard

In a dramatic turn of events, silver prices have plummeted 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 in the wake of recent tariff announcements by US President Donald Trump.

Trump's Tariff Shake-Up

Yesterday marked a significant shift in trade policy as President Trump rolled out a sweeping 10% base tariff on all imports. Key trading partners faced even steeper rates, with China at 34%, the EU at 20%, and Japan at 24%. Adding to the upheaval, a 25% duty on imported vehicles was enacted immediately, sending shockwaves through global markets.

Precious Metals Take a Hit

The fallout was 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.