Silver prices hovered at $37.7 per ounce on Tuesday, extending its strong momentum since the start of the year amid signs of strong industrial demand and the prospect of a Federal Reserve interest rate cut.
China installed more than 93 gigawatts of solar panels in May, surging 300% year-on-year to a new record high before a series of new policy changes made it more difficult to connect panels to the grid.
Additionally, the State Grid Corporation of China stated it would invest more than $90 billion in the power grid this year to prevent solar power curtailments, aiming to ease concerns about future demand for photovoltaic panels, a key industrial use of silver. Meanwhile, the lack of an aggressive increase in the latest CPI report has prompted the market to increase bets on a Fed rate cut in September. This, combined with the impact of the downbeat ISM PMI results and a downward revision in non-farm payrolls, supports the non-yielding bullion asset.
Source: Newsmaker.id
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