Spot Silver slid to a fresh 1-week low of $32.34 per troy ounce on Wednesday, as abating concerns over the US tariff impact reduced demand for safe-haven metals.
The Trump administration intends to ease levies on foreign parts used in US-made vehicles and prevent overlapping duties on imported autos.
Also, US Commerce Secretary Howard Lutnick signaled progress in trade negotiations with an unnamed country.
And, US Treasury Secretary Scott Bessent said this week many key US trade partners had made “very good” proposals to avert new tariffs.
It still remains not clear if formal negotiations between the US and China are ongoing, but both Washington and Beijing have indicated they are willing to de-escalate tensions.
On the data front, China’s manufacturing activity decreased more than expected in April, which indicated slowing industrial demand.
Market players were now expecting the key US PCE inflation and flash GDP figures for more guidance on the Federal Reserve’s interest rate trajectory.
Annual core PCE inflation probably eased to 2.6% in March from 2.8% in February, according to market consensus, while annual PCE inflation probably eased to 2.2% from 2.5%.
At the same time, a preliminary estimate may show the US economy expanded at an annualized rate of 0.4% in Q1, after a 2.4% growth in Q4 2024.
Spot Silver was last down 1.79% on the day to trade at $32.35 per troy ounce.
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