Silver prices declined to below $33 per ounce on Wednesday, reversing gains from the previous session as easing global trade tensions reduced demand for safe-haven assets.
The pullback followed productive US-China trade talks over the weekend in Switzerland, where both sides agreed to temporarily lower tariffs to 30% and 10%, respectively, for a 90-day period—a notable step toward de-escalation.
While this has eased market fears of a prolonged trade war, uncertainty remains over what will happen once the agreement expires, with further negotiations expected in the coming weeks.
Reduced geopolitical risk has led markets to dial back expectations for aggressive Federal Reserve rate cuts, adding downward pressure on silver.
However, Tuesday's data showing softer-than-expected US consumer inflation in April provided some offsetting support to precious metals, as the dollar weakened, making silver more attractive to non-US buyers.
Source: Trading Economics
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