Recent dovish remarks from Fed Governor Waller reinforced expectations of future rate cuts, potentially boosting silver prices as market participants anticipate monetary easing.
"There is a very significant difference between baseline 10pc tariffs and an extraordinary level of tariffs of 30pc on the European Union," Mr Harris said.
President Donald Trump's unprecedented decision to bomb three Iranian nuclear sites has deepened fears of a widening conflict in the Middle East. Analysts suggest that Iran may retaliate by closing the Strait of Hormuz, a crucial trade route for global oil supply.
"Closure of the Strait is on the agenda and will be done whenever necessary," said Revolutionary Guards Commander and lawmaker Esmail Kosari, confirming Iran's readiness to take immediate action.
Wael Sawan emphasized the careful management of shipping in the Middle East due to rising tensions, highlighting the significant uncertainty in the region caused by recent conflicts.
"Tariffs of the level suggested would not only push prices up, they would grievously damage one of the world's most dynamic and significant trading relationships, as well as disrupting wider global trade."