Physical gold and silver markets experienced robust gains on July 11, 2025, with gold spot prices climbing to $3,352.81 per ounce, up 0.86% from the previous day, while silver surged to $37.73 per ounce, marking a 1.93% daily increase. The rally represents gold’s third consecutive session of gains and pushes silver to its highest level in over 13 years, reflecting intensifying safe-haven demand as President Trump’s escalating trade war creates widespread market uncertainty.
The precious metals complex has benefited significantly from Trump’s aggressive tariff announcements, including a 35% tariff on Canadian imports starting August 1 and plans for 15-20% blanket tariffs on most other trade partners. These policy moves follow earlier threats of 50% copper tariffs and doubled steel and aluminum tariffs, creating a perfect storm of trade tensions that historically drives investors toward gold and silver as portfolio hedges. The copper tariff alone has already distorted metals markets, with U.S. copper prices now trading 25% above London Metal Exchange levels, demonstrating the immediate impact of these trade measures on commodity markets.
Silver’s exceptional performance reflects both monetary and industrial dynamics, with the market experiencing its fifth consecutive year of supply deficit. The structural imbalance totals an estimated 117.6 million ounces in 2025, following deficits of 678 million ounces from 2021-2024, equivalent to 10 months of global mine supply. Industrial demand has become the dominant force, with photovoltaic applications alone expected to consume 225 million ounces this year, representing nearly 14% of total usage as the green energy transition accelerates globally.
