Spot Silver held in proximity to a one-week high of $31.31 on Thursday amid a rebound in commodities, after the US announced a 90-day pause on the newly implemented reciprocal tariffs for most nations.
The new tariff rates on imports from the majority of US trade partners have been lowered to 10% for 90 days to allow for trade negotiations.
However, US President Trump also said on Wednesday that the tariff on Chinese imports would be raised to 125% from 104% – the latest escalation of the trade conflict between the two nations.
Spot Silver was last down 0.30% on the day to trade at $30.94 per troy ounce.
Market focus now sets on the upcoming key US CPI inflation report that may provide further clues over the Federal Reserve’s monetary easing path amid economic slowdown concerns.
In case price pressures continue to persist, and thus, prompt the Fed to maintain interest rates at higher levels, non-yielding Silver may lose its appeal.
The minutes of the FOMC meeting in March showed that policy makers expected inflation would be pushed higher this year because of the impact of elevated tariffs, though they acknowledged considerable uncertainty over the magnitude and persistence of these effects.
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