Silver extends rally amid fears of US import tariffs

Silver rose 1.4% during Asian trading after last week's 4% increase, which pushed the metal to a 14-year-high. Investors worry that new US tariffs could tighten supply, Bloomberg reports.

Meanwhile, the price gap between silver contracts in London and New York remains wide, just like at the start of the year. Back then, fears about potential American import duties triggered a surge of gold and silver shipments from the UK to the US. This drove prices of both metals higher.

This year, silver has jumped 35%, outperforming gold's 28% gain. Bloomberg notes that silver isn't just a safe-haven asset, it's also a key industrial material used in solar panel production.

Gold erased some gains during Asian trading, hovering around $3,360 per ounce after last week’s 0.6% rise. This year’s price increase has been driven by growing global geopolitical tensions and heavy bullion purchases, along with central bank buying.