Silver traded below $36.50 per ounce on Wednesday, holding earlier losses after the release of the latest FOMC minutes. Most Fed officials signaled that a rate cut would likely be appropriate later this year, viewing tariff-driven inflation as potentially modest and short-lived. However, opinions remained divided - some favored a cut as early as the next meeting, while others saw no need for easing in 2025. Policymakers noted elevated uncertainty due to trade and geopolitical risks, though overall uncertainty had eased slightly since the previous meeting. Silver remained under pressure as a stronger US dollar and rising Treasury yields weighed on precious metals. The decline also came amid renewed trade tensions, with President Trump ruling out extensions to new tariffs on 14 countries, set to take effect August 1. He also announced a 50% tariff on copper and threatened up to 200% duties on pharmaceuticals, though with a delayed rollout.