• Silver price faces pressure amid improving global risk sentiment following Trump’s announcement of exemptions on technology products from “reciprocal” tariffs.
• Trump simultaneously initiated a probe into potential tariffs on critical minerals, intensifying trade tensions with China.
• Safe-haven demand for Silver is supported by ongoing uncertainty surrounding US trade policy.

Silver (XAG/USD) is trading around $32.30 per troy ounce during Thursday’s Asian session, paring some of its gains from the previous day. The precious metal is under pressure as global risk sentiment improves following US President Donald Trump’s announcement of exemptions for key technology products from newly proposed “reciprocal” tariffs.

The exemptions, which cover smartphones, computers, semiconductors, solar cells, and flat-panel displays, primarily benefit goods manufactured in China. However, Silver’s downside remains limited as Trump simultaneously launched a probe into potential tariffs on critical minerals, further escalating trade tensions with China. The investigation also extends to sectors like copper, pharmaceuticals, lumber, and semiconductors, highlighting the US’s limited domestic production capacity in these areas.

Safe-haven demand for Silver is also underpinned by persistent uncertainty around US trade policy, along with subdued demand for the US Dollar (USD) and Treasury securities. The US Dollar Index (DXY) hovers around 99.50, while yields on 2-year and 10-year US Treasury notes stand at 3.80% and 4.30%, respectively.

Meanwhile, dovish signals from major central banks continue to support non-yielding assets like bullion. Softer-than-expected inflation in the US, Canada, UK, India, and the Euro Area in March—alongside the PBoC’s potential rate cut this quarter—further bolsters the case for precious metals.

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