Silver prices dropped below $30 an ounce on Thursday, hitting 11-week lows as demand for the metal's safe-haven appeal waned and the outlook for its industrial usage weakened.
The recent ceasefire between Israel and Hezbollah, brokered by the US and France, alleviated geopolitical tensions, reducing silver's appeal as a risk-off asset.
Additionally, expect that the US Federal Reserve may adopt a more cautious stance on interest rate cuts weighed on silver prices.
Economic uncertainty in China, the world's largest silver consumer, and concerns over the potential negative impact of US President-elect Trump's policies on the renewable energy sector also contributed to the bearish sentiment. As silver is a key material in the production of solar panels, any disruption in China's renewable energy market further pressured prices.
Source: Trading Economics
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