Silver prices rose towards $31 per ounce on Wednesday, nearing their highest levels in six weeks, driven by US President Donald Trump’s tariff threats which boosted demand for safe-haven assets. On Tuesday, Trump suggested the possibility of a 10% tariff on Chinese imports starting February 1, following his earlier threats of tariffs on Mexico and Canada. However, with no action taken yet, there is hope that the administration may adopt a more cautious approach. Silver prices are also supported by expectations of additional interest rate cuts by the Federal Reserve this year, which could weaken the dollar and increase demand for commodities. Furthermore, ongoing supply concerns, especially in London vaults, and robust industrial demand from sectors like manufacturing continue to reinforce the bullish outlook for silver.

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