FX.co ★ Silver Falls as US Extends Tariff Deadline

Silver prices experienced a decline of roughly 1% to about $36.50 per ounce on Monday. This drop occurred after nearing 13-year highs, following President Donald Trump's decision to extend the deadline for reimposing his extensive reciprocal tariffs. This extension has eased the demand for safe-haven assets. Treasury Secretary Scott Bessent announced that tariffs would revert to their April 2 levels for countries unable to secure a deal with the United States by that date, granting additional time for trade discussions. To date, only China, the UK, and Vietnam have reached partial agreements with Washington. Nonetheless, Trump warned of a 10% tariff on nations he accused of subscribing to "anti-American policies on BRICS." Furthermore, the pressure on silver prices intensified due to a stronger-than-anticipated US jobs report for June, which diminished expectations for imminent Federal Reserve rate cuts.