Silver (XAG/USD) weakened on Wednesday (07/04) during Asian trading hours, hovering around $33.00 an ounce after two consecutive days of gains. The decline came as safe-haven demand weakened following news that US and Chinese officials will meet this week to discuss trade, raising hopes of a de-escalation.
In a key development, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet Chinese Vice Premier He Lifeng in Geneva over the weekend. This marks the first high-level dialogue since the US imposed tariffs that sparked a global trade conflict. China's Commerce Ministry confirmed Beijing's willingness to engage, taking into account the US proposals, global sentiment and domestic interests.
A stronger US dollar also weighed on dollar-denominated silver, as investors turned cautious ahead of the Federal Reserve's (Fed) interest rate decision later in the North American session. A stronger greenback reduced the appeal of silver for holders of other currencies.
Silver's earlier gains were driven by investor reaction to President Donald Trump's latest trade remarks. While he ruled out talks with Chinese President Xi Jinping this week, he hinted at the possibility of lifting 145% tariffs on Chinese goods. However, his announcement of new 100% tariffs on foreign films and possible levies on pharmaceuticals have added to market uncertainty.
The Federal Reserve is widely expected to leave interest rates unchanged, with markets closely monitoring comments from Chairman Jerome Powell amid ongoing trade-related volatility and pressure from President Trump to cut rates. (Newsmaker23)
Source: FXstreet
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