Silver prices rallied sharply on Wednesday, climbing nearly 4% and crossing the $90 mark as investors sought safety amid renewed uncertainty around US trade policies.
COMEX silver futures were trading at $90.920 per ounce, up $3.415 or 3.90% as of 11:22 AM IST, marking a strong rebound in precious metals.
The surge comes as gold prices also firmed during Asian trading hours. Spot gold was up 0.7% at $5,181.95 per ounce after briefly touching a three-week high in the previous session. However, bullion had ended Tuesday more than 1% lower due to profit-booking.
The renewed momentum in precious metals follows confusion over US tariff measures after the US Supreme Court struck down several of President Donald Trump’s policies. The United States has begun collecting a temporary 10% global import tariff, with discussions underway to potentially raise it to 15%, adding to market uncertainty.
Market participants are also tracking signals from the US Federal Reserve. Two Fed officials indicated no immediate change in interest rate policy, while markets continue to price in three 25-basis-point rate cuts this year, according to CME’s FedWatch Tool.
Analysts noted that the reopening of Chinese markets and heightened US policy uncertainty are supporting safe-haven flows into both gold and silver. Spot silver climbed 2.4% to $89.44 per ounce earlier, while platinum and palladium also recorded gains.
Precious metals remain sensitive to trade developments, geopolitical tensions, and interest rate expectations, with traders watching key technical levels for further direction.