On April 16, spot silver traded between $32.28 and $33.11. The white metal closed with a strong gain of 1.57 per cent at $32.90 as gold surged and the US Dollar Index and yields slumped.
Per Silver Institute, silver industrial demand rose 4 percent in 2024 to 680.5 million ounces (Moz), reaching a new record high for the fourth consecutive year.
Source – Business Standard
“In our bull case, we see gold prices reaching $3,500 per ounce by year-end, underpinned by much higher hedging/investment demand on fears of US hard landing/stagflation,” analysts at Citi said in a note.
Source – Reuters
Gold prices surged to a one-month peak on Thursday, nearing $2,700 per ounce, as softer U.S. inflation data fueled hopes of lower interest rates in 2025. Spot gold rose to $2,697.45 an ounce, while February gold futures climbed 0.4% to $2,728. Lower rates enhance gold’s appeal by reducing the opportunity cost of holding non-yielding assets.
Other precious metals saw mixed movement: platinum futures dipped 0.1% to $948.15 an ounce, while silver edged up 0.3% to $31.622.
Copper prices steadied after recent gains, with London futures rising 0.3% to $9,192.50 per ton.
Source – Econo Times
The silver market has been somewhat sideways over the last few weeks, but the Wednesday session could provide enough information to get people moving again.
Silver fell in the early hours of Wednesday as we have tested the crucial $33 level again. This is an area that of course has been like a magnet for price for some time.
Talks between the United States and China are seemingly a thing now, and that, of course, will help the idea of industrial demand for silver, but it takes away that precious metal trade as well.
Source – FX Empire
The company’s stock has shown impressive momentum, delivering a 42% return over the past year according to InvestingPro data.
InvestingPro analysis indicates the stock is currently undervalued, with analyst price targets ranging from $3.25 to $3.77, suggesting significant upside potential.
Source – Investing.com
New Delhi, Jan 29 (PTI) Silver prices on Wednesday marginally rose Rs 6 to Rs 91,057 per kilogram as participants increased their bets.
Globally, silver was trading 0.14 per cent lower at USD 30.37 per ounce in New York.
Source – Press Trust of India
Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump’s “reciprocal tariffs”, dampening the metal’s safe-haven allure, while a robust dollar further pressured prices of the precious metal.
Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20.
But the gold market is still bullish as “longer term outlook suggests a weaker dollar and there’s still likely to be some inflationary pressures near term,” Frappell said.
Spot silver rose 0.6% to $33.19 an ounce, platinum was up 0.6% to $1,080.90 and palladium edged 1.3% higher to $974.69.
Source – Reuters