The Silver price (XAG/USD) recovers some lost ground to around $29.85 during the Asian trading hours on Wednesday. Analysts believe the recent correction could be a setup for a strong rebound amid rising trade tensions and recession fears. Traders brace for the FOMC Minutes, which are due later on Wednesday.
US President Donald Trump said late Tuesday that he wasn't considering a pause on his plan to impose sweeping additional tariffs on dozens of countries despite contact from trade partners seeking to avoid the levies. However, he hinted that he could be open to some negotiations.
Trump's remarks came after his top officials sent signals about the administration's willingness to engage with trade partners, with a 10% tariff already in place and targeted retaliatory import tariffs scheduled for Wednesday. This uncertainty has spurred global market volatility and boosted the safe-haven demand, supporting the Silver price.
Additionally, industrial demand, especially from new-age industries like EVs and solar energy, provides some support to the white metal. Gains are also expected in the consumer electronics market, as the development of artificial intelligence systems will continue to boost product offerings.
Traders will keep an eye on the FOMC Meeting Minutes on Wednesday. This report could offer insight into the Federal Reserve's (Fed) stance on monetary policy. Any hawkish remarks from the Fed officials could lift the Greenback and weigh on the USD-denominated commodity price in the near term.
Source: Fxstreet
Silver held around $48.1 per ounce on Thursday, steadying after recent gains as investors digested stronger-than-expected US economic data. The ADP report showed that private employers added 42,000 jo...
Silver traded above $47.5 per ounce on Wednesday, snapping a three-day losing streak as global risk-off sentiment spurred demand for safe-haven assets. Global equities and other risk assets fell sharp...
Silver fell below $48 per ounce on Tuesday, sliding for the third straight session, as investors weighed the outlook for Federal Reserve policy while assessing the impact of easing US-China trade tens...
Silver (XAG/USD) weakened on Tuesday to around $47.70 per ounce, down 1.10% on the day, after attempting to extend its recent rally beyond $49.50. Selling pressure increased as the US dollar (USD) str...
Silver prices stabilized around $48.8 per ounce on Monday (November 3rd) after experiencing high volatility last week. Investors are now focused on the Federal Reserve's policy outlook after the Fed c...
Oil prices declined on Thursday as investors considered a potential supply glut, as well as weakened demand in the United States, the world's largest oil consumer. Brent crude futures settled down 14 cents, or 0.22%, to $63.38 a barrel. U.S. West...
European stocks closed sharply lower on Thursday after a brief uptick the previous day as investors weighed a fresh round of mixed corporate earnings and signs of higher unemployment in the US. The STOXX 50 fell 1% to 5,613 and the STOXX 600 fell...
Gold (XAU/USD) edges lower on Thursday, after briefly reclaiming the key $4,000 psychological mark amid a weaker US Dollar (USD). At the time of writing, XAU/USD is trading around $3,985, easing from an intraday high of $4,019 as bullish momentum...
Asian stocks opened lower on Tuesday, reversing Wall Street's rally fueled by Amazon's massive $38 billion deal with OpenAI. Stock markets in South...
Asia-Pacific markets declined on Wednesday, following a decline on Wall Street, which was driven by concerns about the valuations of artificial...
The Institute for Supply Management (ISM) is scheduled to release its October Services Purchasing Managers' Index (PMI) on Wednesday. The report, a...
World markets kicked off November in an upbeat mood, riffing off buoyant company earnings and calmer trade relations while batting away OPEC's...