Spot Silver held above the $33.50 mark on Wednesday, as market players awaited the upcoming US reciprocal tariff announcement.
US President Trump is expected to impose tariffs on a range of products and nations, including Canada and Mexico, two key US trading partners, later in the day.
The White House has confirmed that new tariffs will be imposed, but no details on the size or scope were disclosed.
This initiative, dubbed as “Liberation Day,” is scheduled to be announced at 20:00 GMT today, while the measures will take effect immediately thereafter.
Investors are concerned that inflation risks stemming from trade tariffs may limit scope for the Federal Reserve to reduce interest rates.
In terms of macro data, investor focus now sets on the US private payrolls data, due out today, and the Non-Farm Payrolls report, due out on Friday, for more clues over the state of the economy and the Fed’s future rate cut path.
Spot Silver was last up 0.87% on the day to trade at $33.98 per troy ounce.
The commodity gained 9.43% in March to mark its best monthly performance since May 2024.
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