FX.co ★ Silver Drops as Trump Holds Off Tariffs

Silver experienced a significant decline of approximately 5%, falling to just below $89 per ounce on Thursday. This sharp decrease occurred following an announcement by US President Donald Trump, who postponed the implementation of new tariffs targeting imports of essential minerals. Trump indicated that he would focus on negotiating agreements with foreign countries to ensure the United States maintained adequate supplies of these crucial minerals and to swiftly mitigate supply chain risks. Nonetheless, the White House suggested that import restrictions could still be a possibility if satisfactory deals were not reached promptly. Furthermore, the demand for precious metals as safe-haven assets diminished after Trump reassured that the executions of protesters in Iran had ceased, alleviating fears of potential US military intervention. In parallel, the recent US economic data seemed to have minimal influence on projections for Federal Reserve policies, and concerns regarding the central bank's independence appeared to have subsided.