Silver prices held steady near $30 an ounce on Wednesday as investors awaited a key US inflation report that could influence the Federal Reserve's interest rate decision later this month.

Earlier this week, silver faced downward pressure as stronger-than-expected US jobs data dampened expectations for further Fed rate cuts this year.

Despite the recent pullback, the metal's value continues to be supported by strong industrial demand, particularly in renewable energy and electronics technologies, as well as ongoing supply concerns.

In addition, investors remain hopeful that major consumer China will introduce further stimulus measures to boost growth and counter deflationary pressures.

Source: Trading Economics