• Silver price rose as US President Donald Trump’s latest tariff threat boosted demand for safe-haven assets.
• President Trump also plans to introduce pharmaceutical tariffs within the next two weeks.
• The Federal Reserve is widely expected to leave interest rates unchanged on Wednesday.

Silver price (XAG/USD) extends its gains for the second successive session, trading around $33.10 per troy ounce during the Asian hours on Tuesday. The prices of the precious metals, including Silver, rose as President Donald Trump’s new tariff threat spurred demand for safe-haven assets.

President Trump announced plans to direct the US Trade Representative and the Commerce Department to begin imposing a 100% tariff on films produced abroad. On Monday, he also stated that he intends to introduce pharmaceutical tariffs within the next two weeks.

The upside of the dollar-denominated Silver could be restrained as the higher US Dollar (USD) could make the precious metal cheaper for buyers with foreign currencies. The Greenback is strengthening ahead of the Federal Reserve’s (Fed) monetary policy announcement on Wednesday.

While the Fed is widely expected to keep interest rates unchanged, markets are closely watching Chair Jerome Powell’s comments, particularly amid tariff-related uncertainty and mounting pressure from President Donald Trump for rate cuts.

On the trade front, Treasury Secretary Scott Bessent stated Monday that the US is “very close to some deals,” echoing Trump’s weekend remarks suggesting progress in trade negotiations. However, Trump ruled out a meeting with Chinese President Xi Jinping this week. China’s Commerce Ministry said on Friday it is reviewing a US proposal to resume talks.

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