Posted 2nd April 2025

Silver Price News: Silver Falls As Markets Brace For US Tariffs

Silver News
frank watson headshot in front of silver bullion bar

Silver prices fell on Tuesday, taking a lead from gold prices, which pulled back from fresh all-time highs.

Silver initially rose slightly to an intraday high of $34.47 an ounce along with early strength in gold. However, prices pulled back to a low of $33.52 an ounce by Tuesday evening.

Silver kag price on kinesis exchange
Silver KAG/USD – 1 hr view – Kinesis Exchange

Eyes on US tariffs announcement

The price volatility came as the markets awaited an announcement on trade tariffs by the Trump administration on Wednesday. A degree of uncertainty persists over what the new tariffs will constitute, with the White House press secretary on Tuesday telling reporters they will have to wait until Wednesday to find out details.

Tough tariffs on imports into the US threaten to bring chaos to supply chains in the automotive sector and other industries, albeit with an aim to bring a long-term recovery to US industries that haven’t fared well in a globalising economy.

This uncertainty has catapulted gold higher, adding to existing strength linked to robust central bank buying and safe haven flows tied to conflict in the Middle East and Russia/Ukraine.

Technical analysis

On the technical charts, silver has twice failed to break above rising oblique minor resistance in March (standing at $34.62 an ounce as of Tuesday), and this does suggest a lack of momentum to rise much further. If further losses are sustained, attention is likely to turn to oblique minor support at $33.25 an ounce, followed by $32.80 an ounce. That said, if gold continues to post fresh all-time highs, this could help silver to achieve a sustained upside breakout.

Upcoming data/events

Looking ahead, upcoming points of interest include Wednesday’s US announcement on reciprocal tariffs, which is likely to overshadow other news items on the day. This will be followed by the monthly ISM Services PMI figures for March on Thursday. Friday will bring the US non-farm payrolls and unemployment figures, for an update on the US labour markets, as well as a speech by US Fed chair Jerome Powell.

Frank’s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets. He has worked as a senior editor for S&P Global Commodity Insights (formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.

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