Spot Silver rebounded on Wednesday, snapping a two-day streak of losses, as the US Dollar eased from recent peak, after data revealed a surge in US consumer prices in June, while market players awaited more clarity on US trade policy.
Annual CPI inflation in the US accelerated to 2.7% in June, or the highest rate since February, from 2.4% in May.
And, annual core inflation picked up to 2.9% in June from 2.8% in May.
The data suggested tariffs were beginning to have an impact on inflation and likely prompting the Federal Reserve to leave borrowing costs on hold until September.
US President Donald Trump threatened over the past weekend to impose a 30% tariff on imports originating from Mexico and the European Union, beginning on August 1st, as trade negotiations failed to produce a comprehensive deal.
Still, Trump said he was open to further discussions.
Meanwhile, the US Dollar Index pulled back from a one-month high and was last down 0.10% to 98.558.
A softer dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
Spot Silver was last up 0.72% on the day to trade at $37.97 per troy ounce.
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