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
Silver price (XAG/USD) extends its winning streak for the third successive session, marking a fresh 14-year high at $42.17 during the Asian hours on Friday. The precious Silver attracts buyers as mark...
Silver held around $41/oz, near a 14-year peak, as the market awaited the US Consumer Price Index (CPI) release, which could determine the size of the Fed's interest rate cut next week. Wednesday's US...
Silver climbed above $41 per ounce on Wednesday, holding near 14-year highs as traders increased wagers on US Federal Reserve rate cuts. On Tuesday, the Bureau of Labor Statistics reported the US econ...
Silver is currently trading at around US$41.26 per ounce in Asian trading on Tuesday, a slight decline of 0.19% from the previous session. This level remains near its highest level in recent years, re...
Silver futures prices have risen again above $41 per ounce, their highest level since August 2011, as signs of a easing US labor market strengthen expectations of a Fed interest rate cut this year. T...
The EUR/USD pair lost ground early in the European session and retreated to levels near 1.1700, amid volatile and volatile trading on Friday. Comments from ECB official Olly Rehn, who warned of downside risks to inflation, failed to support the...
Brent oil prices strengthened on Friday (September 12th), with the last price recorded at $66.54 per barrel. This increase reflects positive sentiment in the energy market amid expectations of an interest rate cut by the Federal Reserve, which...
Oil prices held steady on Friday (September 12th) as concerns about oversupply and weakening U.S. demand offset the risk of supply disruptions stemming from conflicts in the Middle East and Ukraine. Brent crude futures rose 11 cents, or 0.2%, to...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...
The US Bureau of Labor Statistics reported on Tuesday that the preliminary estimate of the Current Employment Statistics (CES) national benchmark...