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Indonesia News Portal for Traders | Financial & Business Updates

31 January 2025 14:07  |

Silver Hovers Near 7-Week High

Silver remained above $31.40 per ounce on Friday, hovering near seven-week highs as US President Donald Trump reiterated his threat to impose a 25% tariff on Mexico and Canada starting Saturday, boosting safe-haven demand for precious metals.

The Silver Institute also projected a fifth consecutive year of significant market deficit for the metal in 2025. This outlook is largely driven by strong industrial demand and retail investment, which are expected to outweigh weaker consumption in jewelry and silverware.

Key industrial uses include solar panels, electric vehicles, and consumer electronics. While global silver supply is expected to rise this year, with increased output from China, Canada, and Chile, the ongoing deficit is anticipated to continue.

Source: Trading Economics

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