Silver spot prices rose on Friday to their highest level in history, driven by strong demand in global markets. The price of silver touched the $100 per ounce mark, according to Reuters.
The agency attributed this to investors flocking to safe-haven assets amid ongoing geopolitical unrest and expectations of interest rate cuts by the Federal Reserve (the US central bank).
Reuters reported that silver prices have jumped by more than 200 percent since Donald Trump returned to the US presidency for a second term in January 2024.
The strong gains achieved by silver were driven by ongoing challenges in expanding the metal’s processing scale, along with a persistent supply shortage.
Reuters also noted in previous coverage that investors are concerned about renewed threats from the US president to impose tariffs on European countries, among the political disturbances that contributed to the rise in silver prices.
US President Donald Trump threatened to implement 10 percent tariffs starting next February on US imports from Denmark, Norway, Sweden, France, Germany, Britain, the Netherlands, and Finland.
Trump stated in a post on his social media platform that the tariff rate would rise to 25 percent in June, emphasizing that they would continue until “an agreement is reached allowing the United States to purchase Greenland.”
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