• Silver price climbs to near $32.00 as its safe-haven demand has improved amid a sour market mood.
• The white metal has also gained at the US Yields’ cost.
• Traders expect the Fed to cut interest rates by 50 bps in the remainder of the year.

Silver price (XAG/USD) jumps to near the crucial resistance of $32.00 in Wednesday’s North American. The white metal gains as investors’ risk appetite has diminished due to growing speculation that former US President Donald Trump will win the upcoming presidential elections. The Trump 2.O administration is expected to result in an increase in tariffs on imports of various goods.

S&P 500 futures trade cautiously in the North American session. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, clings to gains around 103.40.

Meanwhile, a slight decline in US Treasury yields has also strengthened the Silver price. 10-year US Treasury yields drop to near a weekly low around 4%. Lower yields on interest-bearing assets reduce the opportunity cost of holding an investment in non-yielding assets, such as Silver.

Going forward, the Silver price will be guided by market expectations for the Federal Reserve’s (Fed) interest rate outlook. According to the CME FedWatch tool, traders see the Fed reducing interest rates by 50 basis points (bps) to 4.25%-4.50%, suggesting that the central bank will cut interest rates by 25 bps in November and December meetings.