Silver price (XAG/USD) retraces its recent losses from the previous session, trading around $32.70 per troy ounce during the Asian hours on Wednesday. However, prices of grey metal faced headwinds as investor optimism grew over the Federal Reserve's (Fed) independence.
US President Donald Trump helped calm markets by clarifying he has no intention of removing Fed Chair Jerome Powell, stating, "The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates."
Market sentiment was further lifted by US Treasury Secretary Scott Bessent, who called the ongoing tariff dispute with China "unsustainable" and expressed optimism about a resolution. Though formal talks have yet to begin, Bessent suggested a deal is within reach, according to attendees of a private JP Morgan Chase & Co. event in Washington.
However, Silver continues to find support from this positive backdrop. President Trump echoed an upbeat outlook, noting progress in trade negotiations with China. While he dismissed the possibility of steep tariff hikes clarifying they wouldn't reach 145% he also confirmed tariffs would not be fully lifted.
As Silver plays a vital role in industries like electronics, solar energy, and automotive manufacturing, any improvement in US-China trade relations could boost demand, particularly given China's position as a global manufacturing powerhouse.
Source: Fxstreet
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