Silver remained below $31 an ounce on Wednesday as investors awaited a key US inflation report that could provide further clarity on the Federal Reserve’s monetary policy direction.
- Gold takes a breather after record run on trade war fears
- Volatility in gold and silver prices will continue this week
- Protected: Weekly Commodity Technical Analysis and Forecast 10 To 14 January 2025
- Gold nears all-time high as Trump’s tariff threats boost safe-haven demand
- Donald Trump announces 25% tariff on steel, aluminium imports into US
On Tuesday, the metal came under pressure after Federal Reserve Chair Jerome Powell said before the Senate Banking Committee that the central bank was in no hurry to cut interest rates, citing a strong economy and persistent inflation.
Markets also assessed the impact of President Donald Trump’s rising tariffs, which include 25% duties on steel and aluminum imports that come into effect from March 4.
Despite this, silver prices continue to be supported by rising industrial demand, especially from the renewable energy sector, as well as forecasts of an ongoing supply deficit.
