Silver price depreciates as safe-haven metals face challenges over Trump trade rally.

Early exit polls indicate former President Donald Trump currently holds an edge over Vice President Kamala Harris.

Improved US Treasury yields contribute to the downward pressure on non-yielding Silver.

Silver price (XAG/USD) struggled to hold onto recent gains, trading around $32.10 per troy ounce during the Asian session on Wednesday. The dollar-denominated precious metal faces downward pressure from a stronger US Dollar (USD), which is likely linked to a rally sparked by the favorable results for the Republican candidate in the US presidential election.

As exit polls begin to show growing support for former President Donald Trump, the likelihood of him becoming the 47th president is increasing. This renewed optimism surrounding the "Trump trade" is lifting market sentiment, creating downward pressure on safe-haven assets like Silver.

Early exit poll results from Wisconsin indicate a lead for Republican candidate Donald Trump, with 56% of the vote compared to 42.5%, based on 7.5% of expected votes counted. In North Carolina, exit polls show a tight race between Trump and Kamala Harris, with 50% of the votes counted. In Michigan, with 12% of votes counted, Harris' lead has shrunk from 61% to 53%.