Spot Silver rose more than 1% on Wednesday, holding near the $33 mark, as it tracked a broader rally in commodities due to signs of easing trade tensions between the US and China.
US President Trump expressed optimism that a trade deal with China could “substantially” lower tariffs on Chinese imports, while the final deal would not “be anywhere near” current tariff levels.
According to a Bloomberg report, Treasury Secretary Scott Bessent told investors that the ongoing tariff battle was “unsustainable” and that he expected the conflict would subside.
Although discussions regarding a de-escalation have not yet begun, Bessent’s remarks provided certain relief to markets rattled by months of trade uncertainty.
Additional boost to market sentiment came after Trump withdrew his threats to dismiss Federal Reserve Chair Jerome Powell after days of intensifying criticism of the Fed’s chief for not lowering interest rates. This eased concerns over the politicization of US monetary policy.
Spot Silver was last up 1.14% on the day to trade at $32.88 per troy ounce.
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