• Silver has reversed its intraday gains, snapping a six-day rally.
• US and China are considering a trade framework to lower tariffs on $30 billion in goods, aiming to stabilize relations.
• India hiked import tariffs on Gold and Silver from 6% to 15% to stabilize the Rupee and conserve forex.

Silver price (XAG/USD) loses its daily gains and halts its six-day winning streak, trading around $87.30 per troy ounce during the Asian hours on Thursday. Traders await the meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing. Traders also await the US Retail Sales report for April due later in the day.

US and China, the world’s two largest economies, may attempt to stabilize their relationship, reportedly considering a framework to reduce tariffs on roughly $30 billion worth of goods, excluding those tied to national security. However, geopolitical tensions remain a major factor. The summit is taking place against the backdrop of the war in Iran. Washington has recently increased pressure on Tehran by imposing new sanctions on entities involved in selling Iranian oil to China and threatening banks that facilitate those transactions.

Moreover, Silver prices could face further challenges as India decided to hike import tariffs on Gold and Silver from 6% to 15%, a move combining a 10% Basic Customs Duty with a 5% infrastructure cess to support the Indian Rupee. However, Silver demand may continue to elevate amid strong industrial demand for solar panels, electronics, and automotive manufacturing.

However, Silver also depreciates on shifting Federal Reserve (Fed) expectations. Following hotter-than-expected producer and consumer inflation data, investors are increasingly pricing out the possibility of US rate cuts this year, which typically pressures non-yielding assets like silver.