Spot Silver extended a pullback from recent 1-week high of $33.25 on Thursday, after reports stated the US was expected to announce a trade deal with Britain today, while the Federal Reserve kept borrowing costs on hold.
US President Donald Trump is poised to unveil a significant trade agreement between the United States and the United Kingdom in a press conference scheduled later today.
While Trump did not explicitly name the UK in his Truth Social post announcing the development, a Wednesday report by the New York Times claimed that, according to anonymous sources, a trade deal was set to be made between the UK and the US.
Market players also awaited the outcome of the US-China trade negotiations in Switzerland this weekend.
In the meantime, the Fed left its federal funds rate target range intact at 4.25%-4.50% for a third straight meeting in May, in line with market consensus.
The US central bank has adopted a wait-and-see approach amid concerns that the tariffs could push inflation higher and slow GDP growth.
At the press conference after the FOMC meeting, Fed Chair Jerome Powell noted it was too early to determine whether inflation or unemployment would emerge as the bigger concern and the central bank did not have to rush into adjusting interest rates.
Spot Silver was last down 0.08% on the day to trade at $32.43 per troy ounce.
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