Silver Price Rises Toward $33.50 After Previous Session Loss

Silver Price Forecast: XAG/USD Rallies Near $33.50 Following Prior Session Loss

Silver (XAG/USD) prices edged higher in Wednesday’s Asian trading session, recovering from a more than 0.5% loss recorded in the previous session. The white metal is currently trading around $33.30 per troy ounce, showing resilience despite headwinds from a stronger US Dollar.

The recent weakness in silver was largely attributed to dollar strength, which makes dollar-denominated commodities more expensive for foreign buyers. The Greenback gained support after Japan signaled a potential reduction in government debt issuance, which buoyed global bond markets and applied downward pressure on US Treasury yields. As of writing, the 10-year and 30-year US bond yields stood at 4.46% and 4.97%, respectively.

Adding to the pressure on silver was a decline in safe-haven demand amid easing geopolitical tensions. The United States and the European Union took a step back from escalating trade conflicts, with President Donald Trump delaying the implementation of tariffs on EU imports from June 1 to July 9. In response, the European Commission agreed to resume trade talks with Washington in an effort to de-escalate tensions and avoid a transatlantic trade war.

Despite these challenges, silver remains supported by underlying demand factors and lingering economic concerns in the US, which could reignite safe-haven flows. Investors now turn their focus to upcoming US macroeconomic data and any further developments on the global trade front for clearer direction.