Silver is down by more than 5%, skidding below $28.00 in Monday trading. XAGUSD took a nosedive to an almost three-month low as fears of a global economic slowdown has intensified following a string of US economic data that indicated the nation is moving towards a recession. Recent US data showed signs of slower labour … Read more
Silver (XAGUSD) fell sharply to near $28.70 in Thursday’s European trading after posting a fresh weekly high at $29.16. The white metal dropped as the US Dollar rebounds strongly, and the Caixin Manufacturing PMI surprisingly contracted in July. The DXY Dollar Index, which tracks the greenback’s value against six major currencies, jumped higher to near … Read more
Silver plummeted to near $29.00 in Friday’s American trading. The white metal faces an intense sell-off as the outcome of China’s third plenum meeting had less stimulus measures to address economic challenges and was more focusing more on “high-quality development”. The world’s second-largest economy struggles to maintain the economic growth momentum due to poor demand … Read more
The price of Silver halted its five-day winning streak, with XAGUSD trading around $30.40 per troy ounce on Thursday. The decline in the safe-haven metal is attributed to increased optimism following signs of renewed efforts to secure a ceasefire deal between Israel and Hamas, as reported by Reuters. Mediators Egypt and Qatar delivered a response from … Read more
Silver slumped below Monday’s close and was near $29.40 in Tuesday’s New York trading. XAGUSD faces selling pressure as the US dollar has bounced back strongly after correcting on Monday. The DXY Dollar Index, which tracks the greenback’s value against six major currencies, rebounded from 105.40. The dollar recovered as investors become doubtful over the … Read more
Silver recovered further to $30.60 in Thursday’s Asian trading. The white metal discovers strong buying interest, as normalising US labour market conditions boost speculation that the Federal Reserve will start reducing interest rates in the September meeting. The CME FedWatch tool shows that traders see a 68% chance for rate cuts in September. The probability … Read more
Silver (XAG/USD) declined below .00 in Tuesday’s European session as the DXY Dollar Index rebounded. The speculation for the Fed reducing interest rates in September has strengthened due to signs of economic slowdown in the US.
Silver found temporary support near .20 after correcting from a weekly high of .30. The Dollar declined further after the U.S. Department of Labor reported higher jobless benefits claims for the week ending May 24. The slower US growth rate in the first quarter also weighed on the Dollar. The DXY Dollar Index corrected further to 104.76. A downside move in the US Dollar is favorable for dollar-denominated assets such as silver. The uncertainty over the near-term outlook of silver remains ahead of the U.S. core Personal Consumption Expenditure Price Index data for April. The Federal Reserve’s preferred inflation gauge will influence speculation for Fed rate cuts in September. Financial markets expect the Fed to start reducing interest rates from the last quarter of the year.
Silver is trading at a two-year high near .00 per ounce, driven by heightened consumer and industrial demand as well as central banks increasing their reserves in gold. US Treasury yields have corrected after two days of gains, with the 2-year and 10-year yields standing at 4.78% and 4.39%, respectively. Traders are eagerly awaiting the release of the US Consumer Price Index data scheduled for Wednesday, with expectations of an acceleration in the headline CPI and a cooling down in the core measure. Geopolitical tensions in the Middle East have eased, with peace talks between Israel and Hamas resuming in Egypt. Traders will focus on the upcoming US inflation data and the release of FOMC minutes this week to gain more clarity on the timing of the Fed’s monetary policy adjustments.
The price of silver jumped to .80 after steady JOLTS job opening figures were reported by the United States Bureau of Labor Statistics.