Silver Prices Slide From Record High After U.S. Pauses Critical Minerals Tariff Plans

Silver prices pulled back sharply from all-time highs on Thursday, retreating as much as 7 % after the United States administration announced it would hold off on imposing new import tariffs on critical minerals, alleviating some of the trade policy uncertainty that had helped push the metal to record levels.

The white metal had surged more than 20 % over the previous four sessions, reaching an unprecedented peak near $93.75 per ounce, as markets braced for potential tariff-driven supply distortions. Profit-taking by investors and the softer tariff outlook triggered the sell-off, though prices later recovered some of the losses, reflecting silver’s ongoing volatility as both an industrial metal and investment asset.

Analysts said that the retreat underscores how much of silver’s recent rally was tied to the risk premium associated with U.S. trade policy on critical minerals. With the tariff threat receding, traders have repriced positions and weighed broader market drivers such as supply dynamics and demand from industrial sectors including electronics and renewable energy.

Despite the pullback, silver remains significantly elevated compared with levels earlier this year, supported by structural fundamentals including constrained mine supply and robust demand from both investors and industrial users. Gold prices also eased alongside silver amid reduced safe-haven demand and shifting expectations for monetary policy.