SILVER
Silver is trading around the $60 support zone, which is expected to limit the downside during today’s trading session.
|
Support |
60 | 57 |
| Resistance | 65 |
68 |
Silver prices rose during today’s trading, supported by reduced expectations for a U.S. interest rate hike following weaker than expected economic data, which boosted demand for precious metals, while a stronger dollar and elevated Treasury yields limited the pace of gains. Spot silver climbed about 1.3% to around $61.45 an ounce after touching roughly $61.68 during the session, as markets continued to reassess the outlook for U.S. monetary policy amid lower expectations of an October rate hike, providing additional support for the white metal despite ongoing pressure from the bond market and the dollar.
Silver also benefited from improved investor appetite for precious metals amid heightened uncertainty surrounding inflation and developments in energy markets, along with continued demand for hedging instruments during the current period of volatility. At the same time, silver remains sensitive to movements in the dollar and U.S. yields over the coming sessions, as any renewed rise in both could limit the metal’s ability to extend its gains, while continued weakness in U.S. economic data could provide further support for prices.
You can now benefit from LDN company’s services through the LDN Global Markets trading platform.
