FX.co ★ Silver Slips on Stronger Dollar, Yields

Silver prices fell to approximately $36.50 per ounce on Wednesday, marking the third consecutive day of declines. This drop was influenced by a strengthening US dollar and increasing Treasury yields, which generally place downward pressure on precious metals. These movements occurred in the context of heightened concerns over US trade policy, following a series of assertive tariff announcements from President Donald Trump. President Trump has dismissed any possibility of extending the newly implemented tariffs that target 14 countries and are scheduled to commence on August 1. He also announced a significant 50% tariff on copper imports, along with the potential for imposing tariffs as high as 200% on pharmaceutical imports. However, the latter will be postponed for 12 to 18 months to provide industries time to adjust. Investors are also closely monitoring the upcoming release of the Federal Open Market Committee's latest minutes to gain insights into the Federal Reserve’s policy direction. A US jobs report for June that exceeded expectations has reduced the likelihood of imminent interest rate cuts, which in turn supports the dollar and yields—factors that usually exert negative pressure on silver prices.