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Silver prices declined to below $33 per ounce on Wednesday, reversing gains from the previous session as easing global trade tensions reduced demand for safe-haven assets. The pullback followed productive US-China trade talks over the weekend in Switzerland, where both sides agreed to temporarily lower tariffs to 30% and 10%, respectively, for a 90-day period—a notable step toward de-escalation. While this has eased market fears of a prolonged trade war, uncertainty remains over what will happen once the agreement expires, with further negotiations expected in the coming weeks. Reduced geopolitical risk has led markets to dial back expectations for aggressive Federal Reserve rate cuts, adding downward pressure on silver. However, Tuesday’s data showing softer-than-expected US consumer inflation in April provided some offsetting support to precious metals, as the dollar weakened, making silver more attractive to non-US buyers.

Silver Slips on Easing Safe-Haven Demand

European stock markets lacked clear direction on Wednesday, with both the STOXX 50 and STOXX 600 fluctuating around the flatline. The recent rally, driven by easing global trade tensions, showed signs of losing steam, as investor sentiment turned cautious amid ongoing uncertainty over the specifics and enforcement of trade agreements. Shares of travel and leisure, real estate, and oil and gas led the gains, while media, utilities, and chemicals lagged behind. Traders also closely monitored corporate earnings. Daimler Truck Holding rose around 1% after the company trimmed its full-year outlook but maintained margin expectations for its North American truck division. E.ON edged up 0.2%, reaffirming its full-year guidance. Meanwhile, Burberry Group jumped nearly 8% following the announcement of several organizational changes.

European Stocks Lack Direction

Iron ore futures in China rose nearly 2% to CNY 732 per tonne, the highest in six weeks, driven by improved investor sentiment after signs of easing tensions between the US and China. The two countries announced progress in trade talks, and statements from both governments suggested a willingness to move forward, reducing fears of further economic disruption. This lifted confidence across metals markets, including iron ore, which is a key raw material used to make steel. However, the underlying fundamentals for demand remain weak: China’s steel consumption is under pressure from a cooling property sector and long-term shifts in its economy. Planned production cuts in the steel industry, meant to curb emissions, could also limit demand for iron ore. Still, expectations of government stimulus and early signs of stabilization in real estate have provided some support.

Iron Ore Futures Rise to 6-Week High

In China,  the Shangai Composite Index went up by 29 points or 0.87 percent on Wednesday. Top gainers were Jiangsu Lianyungang (10.02%), China Pacific Insu (7.59%) and New China Life (6.04%). Biggest losses came from Sany Heavy Industry (-1.91%), Avic Shenyang Aircraft (-0.90%) and LONGi Green (-0.77%).

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