FX.co ★ Silver Hits New All-Time High

Silver surged by over 2%, surpassing $51 per ounce on Monday, establishing a new historical peak. This rise was driven by revived concerns over US-China trade tensions, political instability, and anticipation of further US interest rate cuts, thus increasing the appeal of safe-haven assets. Last Friday, US President Donald Trump threatened to levy an additional 100% tariff on Chinese goods from November 1, in retaliation to China's imposition of new export restrictions on rare earth minerals. Nevertheless, Trump later expressed a willingness to negotiate and potentially meet with President Xi Jinping later this month, reassuring that trade relations with China “will all be fine.” Broader geopolitical concerns also contributed to the price increase, with factors like the ongoing US government shutdown, political unrest in France, and leadership uncertainty in Japan unsettling the market sentiment. Additionally, the Federal Reserve's anticipated rate cuts of 25 basis points both this month and in December, combined with a tightening supply of physical silver in London, further propelled the metal's upward momentum.