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• Silver price rises as ongoing uncertainty surrounding US trade policy boosts safe-haven demand.
• A softer US Dollar is also lending support, making the dollar-denominated metal more appealing to overseas buyers.
• President Trump has called for an investigation into potential tariffs on all critical mineral imports.

Silver price (XAG/USD) is inching higher after recent losses, trading around $32.30 per troy ounce during Wednesday’s Asian session. The uptick comes as lingering uncertainty over US trade policy continues to fuel safe-haven demand for the precious metal.

A weaker US Dollar (USD) is also supporting Silver prices, making the dollar-denominated asset more attractive to foreign buyers. The US Dollar Index (DXY), which measures the Greenback against a basket of six major currencies, is trading lower near 99.80 at the time of writing. Market attention now turns to the upcoming US Retail Sales data for March, which could shed light on the impact of tariff tensions on consumer spending.

Safe-haven flows into Silver were further bolstered after US President Donald Trump called for an investigation into potential tariffs on all critical mineral imports. This move signals a more aggressive trade stance and raises the risk of tensions with key suppliers, including China. It also partially offsets the market optimism sparked by recent exemptions on certain tech products and possible exclusions for auto parts.

Meanwhile, Federal Reserve Governor Christopher Waller attempted to calm market nerves, saying that any inflation arising from tariffs would likely be temporary. Waller also reaffirmed the Fed’s willingness to lower interest rates if needed, signaling the central bank’s commitment to supporting growth. Investors now await the US retail sales report and a speech from Fed Chair Jerome Powell later in the day for further direction on the economic and monetary policy outlook.

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