Silver tumbled about 5% to below $89 per ounce on Thursday, retreating sharply from all-time highs after US President Donald Trump held off on imposing new tariffs targeting imports of critical minerals. Trump said he would instead seek to negotiate agreements with foreign nations to ensure the US has sufficient critical mineral supplies and to reduce supply chain risks quickly. However, the White House kept the door open for potential import restrictions if satisfactory agreements were not reached in time. Safe-haven demand for precious metals also eased after Trump said he had been assured that executions of protesters in Iran had stopped, allaying fears of a US military action against the country. Meanwhile, the latest batch of US economic data had little impact on expectations for Federal Reserve policy, while concerns over the central bank’s independence also receded.
