Silver prices jump 4.5% on fears of US import tariffs

Silver hit a three-week high of $50.31 an ounce, while WTI oil prices also returned to $60 a barrel after positive political signals from Washington.

Commodity markets started the new trading week in the green, led by an impressive 4.5% gain in silver, which took the metal to its highest level in nearly three weeks. The move was fueled by news that the US could impose import tariffs on silver, while energy markets also rallied.

Silver prices surge on tax policy risks

According to data from the Vietnam Commodity Exchange (MXV), silver prices increased sharply by 4.5% in the trading session on November 11, closing at 50.31 USD/ounce. This is the second consecutive session of price increase and the highest level recorded in nearly three weeks.

The main impetus came from news that Washington may impose import tariffs on silver. Specifically, the US Department of the Interior added silver to the list of critical minerals, a move that paves the way for a tariff review under Section 232 of the Trade Expansion Act of 1962.

Analysts said that although there has been no official decision, the inclusion of silver in this list is enough to promote the hoarding mentality of investors and consumers to prevent the risk of supply shortages and price increases in the future.

Dependence on US imports

Silver’s appeal is further enhanced by the US’s heavy dependence on foreign supplies. According to the US Geological Survey (USGS), the US will import about 65% of its total silver consumption in 2024, mainly from Mexico and Canada. If Washington imposes tariffs, the US domestic market could face a short-term supply shortage, putting upward pressure on global prices. In fact, this concern has already caused a large amount of physical silver to be diverted to the US, causing a local shortage in the London market.

Source: MXV

Supportive monetary policy factors

Investors are also closely monitoring negotiations to end the partial US government shutdown. The market expects that when economic data returns, it will show a weaker jobs picture and lower inflation than expected. This could create more room for the US Federal Reserve to continue cutting interest rates later in the year, putting pressure on the US dollar and promoting capital flows into safe-haven assets such as silver.

Energy markets increase prices across the board

Along with metals, the energy market also recorded overwhelming buying power with all 5 commodities increasing in price. WTI oil price returned to the 60 USD/barrel mark, closing the session at 60.13 USD/barrel, up about 0.6%. Brent oil price also increased by nearly 0.5%, to 63.94 USD/barrel.

The rally was largely driven by optimism that the US government would soon reopen. On November 9, Republicans proposed a new budget plan to reopen the federal government until at least January 30, 2026. The plan received initial support from 60 senators, including some Democrats, opening up hope of resolving the long-standing political deadlock. However, the plan still needs to be approved by both houses of Congress and signed into law by President Donald Trump.

Source: MXV

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