Silver Price News: Silver Eases as Trade Talks Lift Equities

Silver prices were marginally lower on Tuesday, as the market came under pressure from weaker gold prices as the markets backed higher-risk assets following announced delays to US tariffs on EU goods.

Prices eased as low as $32.81 an ounce on Tuesday before recovering to $33.30 an ounce later in the session. That compared with around $33.56 an ounce in late trades on Monday.

US-EU trade talks boost confidence

US President Donald Trump held talks over the weekend with European Commission chief Ursula Von der Leyen, which led Trump to say he had agreed to extend a deadline for tariff talks until July 9. The latest development boosted equities and the US dollar and diminished the safe-haven appeal of precious metals, weighing on gold and silver prices.

On the price charts, silver has been relatively range-bound since late April and the markets will be watching to see if the price can move back above the highs of around $33.75 an ounce seen in late April, and higher levels of over $34.50 an ounce seen in late March.

Upcoming data

Looking ahead, Wednesday will bring Indian monthly industrial and manufacturing production data for April, which may provide signals on industrial demand for silver in one of the world’s largest consumers of the metal. Beyond that, the markets will be keeping an eye on US GDP growth figures for Q1 on Thursday, followed by the weekly initial jobless claims figures. Then Friday will bring the US PCE price index for April, for a key update on US inflation, as traders try to gauge the prospects of interest rate cuts over the summer.