FX.co ★ Silver Hits Over 13-Year High

Silver prices surged beyond $37 per ounce on Friday, marking their highest point in over 13 years. This rise was driven by increased demand for safe-haven assets amidst escalating global trade tensions. The rally followed US President Donald Trump's announcement of a 35% tariff on Canadian imports starting August 1, along with his intention to impose broad tariffs ranging from 15% to 20% on numerous other trading partners. Earlier in the week, the White House revealed 50% tariffs on copper imports and Brazilian products, while issuing tariff notices to countries such as Japan and South Korea. Although the market momentum was bullish, the appreciation of the US dollar tempered further gains, as investors continued to evaluate the Federal Reserve's monetary policy outlook. Chicago Fed President Austan Goolsbee reaffirmed that the central bank's primary focus remains on employment and inflation, and it should not alter rates to manage government debt costs.