Silver (XAG/USD) price attracted some buyers around $36.35 during the early European session on Thursday (6/26), supported by a weaker US Dollar (USD). Traders will take more cues from the final US Q1 GDP Growth Rate and Fed speeches due later on Thursday.
The greenback faced some selling pressure amid concerns about the future independence of the US Federal Reserve (Fed). This, in turn, provided some support to the USD-denominated commodity, as a weaker USD makes Silver cheaper for foreign buyers. US President Donald Trump said that he will pick a replacement for Fed Chair Jerome Powell in September or October.
Furthermore, rising demand for industrial purposes may contribute to the silver price rally. According to the Silver Institute, global silver demand is expected to hit a new record in 2025, led by industrial use in photovoltaics and electronics, as well as a recovery in silver jewelry and silverware.
Markets have priced in a rate cut at the Fed's next meeting in July to 25%, up from just 12% a week ago, and are pricing in a 64 basis point (bps) cut by the end of the year, up from around 46 bps last week, according to Reuters. Traders will take more cues from US GDP data due later on Thursday. Any surprise upside in the economic data could lift the US Dollar and weaken Silver prices in the near term. (alg)
Source: FXstreet
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