Silver held above $89/oz on Thursday, still near its highest level in a month. The main driving force came from a combination of US tariff uncertainty and geopolitical risks, which have kept safe-haven demand alive, coupled with a weakening dollar as investors perceive Washington's policy direction as still fluid.

On the tariff front, USTR Jamieson Greer signaled that tariffs for some countries could rise to 15% or more from the recently imposed 10% mancanegara tariff, though without specifying countries or timing. Trump also gave no signal of changing his tariff policy in his State of the Union address, so the market continues to price in the risk of trade escalation.

On the geopolitical front, the market is monitoring the latest round of US-Iran nuclear talks in Geneva today. As long as the outcome is unclear, investors' tone is likely cautious, which tends to maintain interest in precious metals like silver, especially when the dollar is not particularly strong.(asd)