Silver prices broke through $41 per ounce on Wednesday (September 10), holding near a 14-year high as speculation of an interest rate cut by the US Federal Reserve mounted.
On Tuesday, the US Bureau of Labor Statistics reported that the economy likely added 911,000 fewer jobs in the 12 months to March, or about 76,000 fewer per month, confirming weaker labor market conditions than previously estimated.
Combined with last week's weak August jobs report, this data reinforces expectations for a 25 basis point Fed rate cut next week, although some investors are speculating on a larger 50 basis point cut.
Market focus now shifts to key inflation data this week, with the release of the August Producer Price Index (PPI) on Wednesday and the Consumer Price Index (CPI) on Thursday.
On the industrial front, steady demand from the solar power, electric vehicle, and electronics sectors is keeping the physical silver market tight amid continued supply constraints.
The price of silver at the time of writing was $41.044/Toz.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
Silver prices rose as risk sentiment improved in the market after signs emerged that the US government shutdown was nearing an end. These hopes pushed the US dollar slightly lower and increased intere...
Gold prices rose to $4,050 per ounce on Monday (November 10), driven by increased demand for safe-haven assets amid political uncertainty in the US. Investors are still awaiting a final agreement to e...
Silver prices rose on Friday (November 7th) due to a combination of two main factors: strong industrial demand, particularly from the technology and renewable energy sectors, and a worsening supply de...
Gold prices are currently rising due to increased demand as a hedge against geopolitical turmoil and uncertain monetary policy. For example, central bank gold purchases have grown significantly, and t...
Brent prices surged again on Friday (November 7th), fueled by escalating geopolitical tensions in the Middle East, which have raised concerns about global supply disruptions. However, demand remains w...
Federal Reserve Governor Stephen Miran said better-than-expected inflation data and signs of continued weakness in the labor market call for a third consecutive interest rate cut in December. In the absence of new economic information due to the...
European stocks rallied on Monday (November 10th), rebounding from a three-week low hit on Friday, as investors welcomed early signs that the historic US government shutdown was nearing an end and as fears of a tech bubble ebbed last week. The...
Gold prices surged more than 2% on Monday (November 10th), hitting a two-week high, as weak U.S. economic data reinforced expectations that the Federal Reserve would cut interest rates, boosting demand for the non-yielding asset. Spot gold rose 2%...
European stocks fell on Friday as investors digested more quarterly earnings, but weekly losses were inevitable, with concerns regarding overheated...
US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the...
Global stock markets rallied at the start of the week amid growing optimism that the US government shutdown will soon end. S&P 500 futures rose...
China has begun designing a new rare earth licensing regime that could speed up shipments, but it is unlikely to amount to a complete rollback of...