FX.co ★ Silver Declines on Profit-Taking

Silver prices declined by approximately 2% to settle at $35.60 per ounce on Friday. This decline marks the third consecutive session of losses as traders opted to take profits following a significant rally that had elevated prices to their highest in over 13 years. In reaction to the escalating conflict in the Middle East, investors sold off precious metals to offset losses in other areas, contributing to a more widespread market downturn. Meanwhile, the US Federal Reserve maintained interest rates this week, emphasizing its cautious, data-driven approach. However, concerns were raised about the potential inflationary effects of President Donald Trump’s newly imposed tariffs, which could further complicate the economic landscape. On the supply side, market sentiment was additionally influenced by the confirmation of a substantial mineral discovery in Argentina, recognized as one of the biggest copper, gold, and silver deposits found in three decades. This deposit is estimated to contain 13.2 million tons of copper and over 80 million ounces of gold and silver combined.