Spot Silver registered a fresh 1-month low of $31.65 on Thursday, as easing US-China trade tensions weighed on safe-haven demand.
During high-profile trade talks in Switzerland over the past weekend, the US and China agreed to significantly lower tariffs, which alleviated global trade anxiety.
US tariffs on Chinese imports will be reduced from 145% to 30%, while China’s levies on US imports will be cut from 125% to 10%.
In the meantime, market players now awaited the US producer inflation, retail sales and initial jobless claims data prints for more cues on macroeconomic conditions and the Federal Reserve’s future policy path.
Federal Reserve Chair Jerome Powell is also expected to speak later today.
Easing global trade tensions have prompted market players to scale back expectations for aggressive Fed rate cuts, which mounted some pressure on Silver.
About 50 basis points of Fed rate cuts by year-end are now priced in, as early as October.
Spot Silver was last down 1.02% on the day to trade at $31.90 per troy ounce.
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