Silver prices fell to around $31 per ounce on Monday, marking a second consecutive session of declines, as the dollar strengthened following the imposition of new US tariffs on key trading partners. Over the weekend, US President Donald Trump announced 25% tariffs on goods from Mexico and Canada, along with a 10% levy on imports from China, sparking retaliatory measures from these countries. The market is now concerned about potential global trade disruptions, slower economic growth, and rising inflation, along with expectations of fewer interest rate cuts from the US Federal Reserve. On the other hand, the Silver Institute forecasted a fifth consecutive year of significant market deficits for silver in 2025, driven by strong industrial demand and retail investment, which is expected to offset weaker consumption in jewelry and silverware.

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