Silver prices held above $32.5 per ounce on Wednesday after gaining over 2% over the past two sessions, as global trade uncertainties continued to drive safe-haven demand for precious metals. US President Donald Trump said on Tuesday that he plans to impose auto tariffs "in the neighborhood of 25%" and similar duties on semiconductors and pharmaceutical imports, raising worries over a wider trade war. Meanwhile, investors kept an eye on US-led efforts to resolve the war in Ukraine, which could reduce demand for safe-haven assets like silver. Last week, silver reached a three-month high as strong industrial demand, particularly from the electrification and manufacturing sectors, supported prices. Recent data revealed that China added 357 gigawatts of solar and wind power in 2024, a key driver of industrial silver usage.
Silver price attracts some sellers to near $32.75.The downside for the white metal might be limited amid the policy uncertainty, including tariff fears under US President Donald Trump's administration. Later on Wednesday, the FOMC Minutes will be in the spotlight.
Source: trading Economi
