Silver Hits One-Month High as Dollar Retreats

Precious metals markets saw notable gains on Wednesday, primarily driven by a substantial weakening in the U.S. dollar, which has fallen more than 2% from its Monday high.

The dollar’s decline accelerated after the U.S. announced a one-month delay in implementing tariffs on Mexico and Canada, though market sentiment remained cautious due to escalating trade tensions between the U.S. and China.

The Japanese yen’s 1% rally further pressured the dollar, creating additional support for precious metals prices.

These currency movements, combined with ongoing trade policy uncertainty, have created a favorable environment for precious metals, with silver and other metals finding support as alternative stores of value. The market dynamics suggest continued volatility ahead as traders navigate shifting trade policies and their impact on currency markets, which could further influence precious metals pricing.