Silver stabilized above $29.25 per ounce on Wednesday, attempting to rise for the second straight session as investors awaited key US economic data that could shed light on the path for Federal Reserve monetary policy.
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US PMI figures for July will be released on Wednesday, second-quarter GDP figures will follow on Thursday and the latest PCE price index report is due on Friday.
The Fed is widely expected to start cutting interest rates in September, with at least one more reduction seen before the end of the year.
Meanwhile, signs of demand weakness in top consumer China continued to weigh on the market.
Elsewhere, India lowered import duties on gold and silver from 15% to 6% to support jewelry manufacturing, raising the demand outlook in the world’s second-largest consumer of bullion.
