Spot Silver traded below the $49/oz. mark on Wednesday, following its steepest single-day loss since September 2011, recorded on Tuesday.
Signs of easing US-China trade tensions have somewhat reduced the safe-haven appeal of the precious metal.
US President Donald Trump has said he expects to strike a fair trade deal with Chinese President Xi Jinping at an upcoming meeting in South Korea. Trump said last week the proposed 100% tariff on Chinese imports would not be sustainable.
Investor focus now sets on the key US CPI inflation report this week.
Annual headline consumer inflation in the US probably picked up to 3.1% in September from 2.9% in August, according to market consensus.
And, annual core CPI inflation probably steadied at 3.1% in September.
Markets are now pricing in about a 99% chance of a 25 basis point Fed rate cut in October and a 97% chance of another 25 bps cut in December.
Lower interest rates tend to reduce the opportunity cost of holding Silver, which pays no interest.
Spot Silver was last down 0.58% on the day to trade at $48.42 per troy ounce.
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