Raw Materials Slide as Dollar Strength Pressures Precious Metals

The selloff hit producers of grains and industrial metals alike, driven by the inverse relationship between the strengthening greenback and dollar-denominated commodities. Silver futures fared particularly poorly, touching their lowest point since November 2025. Gold futures, meanwhile, finished the session roughly 1% above their 52-week floor, underscoring the bearish sentiment gripping the sector.

Amid the market turbulence, trade policy shifts are emerging as a political lever. The U.S. administration is preparing to eliminate 50% tariffs on specific Canadian forestry and agricultural goods. This move is widely viewed as a strategic effort to bolster the electoral standing of Sen. Susan Collins and fellow Republicans ahead of the looming midterm contests.