Silver prices fell after ending the previous session slightly lower, as investors shrugged off the US decision not to impose tariffs on critical minerals. The market's muted reaction suggests the move was already priced in or seen as insufficient to alter the fundamental supply outlook for industrial metals.

The US pause on tariffs for critical minerals like lithium and cobalt removes a near-term headwind for global trade. However, silver, used in electronics and solar panels, remains sensitive to broader economic sentiment and industrial demand forecasts, which have softened amid concerns about slowing manufacturing activity worldwide.

Traders now watch for upcoming US inflation data and Federal Reserve commentary, which will guide dollar strength and interest rate expectations. A stronger dollar typically pressures dollar-denominated commodities like silver. The metal's path will also hinge on industrial sector health, especially in green energy and electronics.