Trump's renewed attack on the Federal Reserve prompts market seeking safe haven, pushing silver prices above $100 per ounce

During the US trading session on Friday, silver prices broke through $100 per ounce, rising over 3% intraday, with a weekly increase of 13%. Geopolitical tensions and Trump's attack on the Federal Reserve drove safe-haven buying.

Analysts point out that $100 is a psychological level, and this news has boosted silver and other metal prices. Odaily Planet Daily reports that during the US trading session on Friday, silver prices rose above $100 per ounce. Its intraday gain exceeded 3%, and the metal's price has increased by 13% this week. Factors driving the price increase include concerns over Iran and Ukraine conflicts, as well as Trump's pursuit of Greenland on the global stage at the Davos meeting this week.

Neil Welsh, Head of Metals at Britannia Global Markets, said, “Changes in the geopolitical landscape and (Trump's) renewed attack on the Federal Reserve are prompting people to seek safe havens.” For silver, analysts say that the $100 level is a so-called “psychological price point.”

Trump's comments about the US “fleet” heading toward Iran prompted investors to buy silver, while also pushing up prices of gold and base metals like copper.