Silver (XAG/USD) prices moved lower to around $31.20, snapping a two-day winning streak during the early European session on Thursday. The Federal Reserve's (Fed) cautious stance on rate cuts weighed on the white metal.
Federal Chairman Jerome Powell said on Wednesday that the strength of the US economy means the US central bank can afford to be "a little more cautious" about its decisions on interest rate moves. Joseph Brusuelas, chief economist at RSM US, noted that he does not expect further rate cuts after the December meeting until March 2025 at the earliest.
Increasing bets of a less aggressive Fed rate cut could support the greenback and weaken the USD-denominated commodity. The market is now pricing in a 76% chance that the central bank will cut rates by a quarter-point at its December 17-18 meeting, according to the CME FedWatch tool.
On the other hand, the silver market is expected to experience a supply deficit for the fourth straight year due to strong demand. This, in turn, could provide support to silver prices. Carsten Fritsch, precious metals analyst at Commerzbank, said: "Demand for silver for photovoltaics has more than doubled in the past three years and is now almost equal to demand for bars and coins." Fritsch added that rising industrial demand is likely to boost demand for physical silver this year, reaching its second highest level after 2022.
Source: FXStreet
Silver climbed to around $41.8 per ounce on Friday, holding near its strongest levels since 2011 as signs of a cooling US labor market reinforced expectations for a Federal Reserve rate cut. The lates...
Silver slipped 1% to around $40.7 per ounce on Thursday, easing from 14-year highs as investors locked in profits ahead of key US labor market releases. Precious metals have rallied in recent weeks as...
Silver traded around $40.7 per ounce on Wednesday, lingering at its strongest level since 2011 as fiscal strains, renewed trade tensions and ongoing geopolitical risks lifted safe-haven demand. Suppo...
Silver price (XAG/USD) trades near $40.85 per troy ounce, the highest since September 2011, which was marked during the Asian hours on Tuesday. The precious metals like Silver attract buyers amid incr...
Silver (XAG/USD) kicks off the week on a strong footing, with spot prices extending their rally for a fifth consecutive session, breaking above the $40.00 mark to hit fresh 14-year highs — levels last...
US stocks closed lower on Friday after weaker-than-expected August jobs data raised concerns about a slowing economy, even as expectations for Federal Reserve rate cuts firmed. The S&P 500 gave up earlier gains, ending 0.3% lower and below...
The U.S. dollar fell sharply against major peers on Friday after crucial monthly jobs data showed that American employers hired fewer workers than expected, which affirms weakening labor market conditions and likely guarantees a Federal Reserve...
Oil prices fell on Friday as a weak U.S. jobs report dimmed the outlook for energy demand, while swelling supplies may grow further after OPEC and allied producers meet over the weekend. Brent crude futures settled at $65.50 a barrel, down $1.49,...
Asia-Pacific markets opened higher Friday after U.S. President Donald Trump signed an executive order Thursday formalizing a lower Japanese auto...
US stocks rallied on Friday (September 5th), with the S&P 500 rising 0.4% and the Nasdaq gaining 0.6% to new record highs, while the Dow Jones...
Hiring at US companies was lower than expected in August, consistent with other evidence of weakening labor demand.
Private-sector jobs increased...
US applications for unemployment benefits rose to their highest level since June, adding to evidence that the labor market is cooling.
Initial...