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Silver traded sideways as the market remained exposed to improving risk and strong demand expectations.
Silver could remain pressured by fading safe-haven demand following encouraging geopolitical and trade developments. Optimism over a potential ceasefire between Russia and Ukraine, alongside easing tensions between the US and China, has reduced investor appetite for defensive assets.
At the same time, monetary policy anticipations remained uncertain. Economic data, Fed officials’ speeches and Moody’s US credit rating downgrade affected expectations of interest rate cuts. Lower rates could support non-yielding assets like silver in the medium term.
Structurally, the metal remains supported by firm industrial demand. Global manufacturing demand is forecast to rise 3% in 2025, exceeding 700 million ounces. Nonetheless, softer demand for jewellery may cap upside potential.
Looking forward, markets will monitor upcoming speeches from Federal Reserve officials for signals on the policy path. A dovish tone could renew support for silver, while sustained risk-on sentiment may continue to weigh on its near-term appeal.
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