Silver fell to around $31.60 per ounce on Wednesday, marking its fourth straight decline amid demand uncertainties and robust supply. Profit-taking also weighed on silver prices, although the metal remains up about 10% year-to-date. Hecla Mining Company, the largest silver producer in the US, reported a 13% increase in silver output for 2024, mining 16.2 million ounces moz, the second-highest production level in its 134-year history.
On the demand side, US silver coin purchases dropped 27% year-on-year in January to 3.5 moz, the lowest January demand since 2018. Meanwhile, softening US economic data fueled expectations for further interest rate cuts from the Federal Reserve, offering some support to precious metals.
Investors also kept an eye on trade developments after President Donald Trump ordered a probe into potential tariffs on copper imports to boost US production of the metal.
Silver price edges higher to near $31.75 in Wednesday's Asian session, adding 0.35% on the day.
The positive view of Silver prevails above the key 100-day EMA with the bullish RSI indicator.
The immediate resistance level emerges at $33.00; the first downside target to watch is 31.25.
Silver price (XAG/USD) attracts some buyers to around $31.75, snapping the three-day losing streak during the Asian trading hours on Wednesday. The uncertainty and worries about US President Donald Trump's tariffs boost the Silver price, a safe-haven asset.
Source: trading Economi
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