Silver prices rallied nearly 2% to near $90 per ounce on Friday, on track for a second consecutive weekly gain. The rally was driven by uncertainty over US tariff policy and persistently high geopolitical risks, which have driven hedging interest in precious metals.

Investors are weighing policy dynamics in Washington after the US Supreme Court struck down a broad "reciprocal" tariff scheme last week. The administration then implemented a new mancanegara tariff of 10%, with the possibility of a 15% increase for some countries. The prospect of this rapid tariff change has fueled concerns that existing trade deals could be disrupted again.

However, silver's upside is not entirely clear. A more hawkish shift among Federal Reserve officials has the potential to limit the precious metal's rally, especially as US economic data remains strong and expectations of longer-term interest rates remain unchanged.

From a geopolitical perspective, the market

From a geopolitical perspective, the market is also monitoring the ongoing Middle East situation. The US and Iran have agreed to resume nuclear negotiations next week after progress was shown in talks in Geneva on Thursday. Despite ongoing diplomacy, uncertainty about the outcome continues to maintain demand for defensive assets, including silver. (asd)