Silver (XAG/USD) extends gains near $47.60 per troy ounce on Wednesday’s Asian session, supported by a renewed wave of safe-haven demand. The white metal finds buyers after three straight sessions of decline, as risk aversion grips markets following a global selloff in equities and tech shares.

Investor sentiment deteriorated sharply after major Wall Street bank executives warned of potential market corrections linked to overvalued AI-related assets. This triggered a flight to safety, lifting demand for traditional hedges such as Silver and Gold.

Meanwhile, the US Dollar’s recent strength—driven by fading bets for a December Federal Reserve rate cut—keeps upside momentum for Silver in check. According to the CME FedWatch Tool, traders now price in a 69% probability of a rate cut in December, down from 90% a week ago. Fed Chair Jerome Powell reiterated last week that another cut this year is “not a foregone conclusion,” signaling a cautious stance amid uncertain data flows.

On the geopolitical front, optimism around improving US–China trade relations could cap further gains in Silver. China’s Finance Ministry announced plans to suspend some tariffs on US agricultural imports starting November 10, while the US paused new tariffs and eased restrictions on Chinese technology exports. These moves, if sustained, could stabilize market sentiment and reduce safe-haven demand.

Technically, XAG/USD needs to sustain above $47.50 to confirm bullish continuation toward the $48.20–$48.50 zone, while immediate support lies at $46.90.