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Precious metals are rallying strongly as investors seek safe havens amid growing trade tensions. Silver has surged to its highest level since October, climbing 3.1% to over $33 per ounce, while gold continues its longest winning streak since August 2020 with seven straight weeks of gains.
The surge follows President Trump’s order for new country-specific tariffs, adding to his existing 10% levies on Chinese goods and planned 25% duties on steel and aluminum imports. The metals’ strong performance is supported by multiple factors beyond trade concerns.
Central banks, particularly China’s, have been increasing their gold reserves, while investors have been adding to their holdings in gold-backed ETFs, contributing to gold’s 12% rise this year.
