Today, Thursday (June 5th) during the Asian trading session, spot silver is currently trading above the 34.96 line. Opening at $34.96/ounce, as of press time, spot silver is temporarily quoted at $34.52/ounce, up 0.13%, having touched a high of $34.96/ounce and a low of $34.43/ounce. Currently, the intraday short-term trend for spot silver appears to be consolidating.

Key News Highlights

The market widely expects the European Central Bank (ECB) to announce a rate cut on Thursday, without much controversy, as many central bank officials have expressed support for a cut through public statements or hints. Investors' greater focus will be on ECB President Christine Lagarde's remarks at the post-meeting press conference. She may offer key clues about the policy path for the coming months and even longer term.

In particular, the market widely anticipates that the ECB may choose to stand pat in July to observe the further evolution of economic data. Some hawkish officials even argue that the rationale for pausing the easing cycle is gradually strengthening, allowing for a re-evaluation of the impact of domestic and international uncertainties on the Eurozone economy.

The ECB recently acknowledged that the Eurozone economy is performing weakly and is expected to downgrade its economic growth and inflation forecasts for 2026. Declining energy prices and a stronger euro are suppressing short-term price pressures. Investec economist Sandra Horsfield stated that global trade environment uncertainty, especially tariff issues, is eroding corporate confidence in investment and hiring. This uncertainty itself constitutes a short-term disinflationary force, irrespective of the final tariff levels.

Latest Spot Silver Market Analysis

Silver prices consolidated on Wednesday, trading nearly flat around $34.50, as traders seemed reluctant to push the metal outside the $34.00-$34.50 range.

From a technical perspective, silver remains bullish, even though buyers took a breather after Monday's surge of over 5%, which propelled XAG/USD from around $33.00 to $34.50, marking its largest gain since October 18, 2024, when silver rose by 6.40%.