Spot Silver held in proximity to a one-week high of $33.81 per troy ounce on Wednesday ahead of the upcoming round of US tariffs, which has kept market players on edge.
The Trump administration’s reciprocal tariffs are set to take effect on April 2nd, which many believe may stoke inflation and hinder GDP growth.
In an interview with Newsmax on Tuesday, US President Trump said he was planning to have few exemptions on tariffs, but yet, he was being more lenient than strict.
The latest data by the Conference Board showed US consumer confidence had dropped to a 12-year low in March, underscoring a growing unease among Americans regarding the nation’s economic health and their personal financial outlook.
Several Federal Reserve officials are expected to make speeches later on Wednesday, while investors will be looking for more insights into the central bank’s monetary policy this year amid tariff uncertainty.
In addition, US PCE inflation figures, due out on Friday, may provide more clues on the Federal Reserve’s interest rate cut path.
Meanwhile, on the geopolitical front, the United States on Tuesday reached agreements with Ukraine and Russia to pause their attacks at sea and against energy targets.
Spot Silver was last down 0.20% on the day to trade at $33.66 per troy ounce.
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