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Silver price strengthens dollar

ByVictoria

Silver price (XAG/USD) hits a fresh weekly high to near $33.20 during North American trading hours on Wednesday. The white metal strengthens as the US Dollar (USD) extends its downside on the United States (US) credit rating erosion in the wake of large debt levels and escalated fiscal imbalances.

Technically, a soft US Dollar makes the Silver price a value bet for investors. Additionally, concerns over US credit erosion improve the safe-haven demand of non-yielding assets, such as Silver.

Source – FX Street

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    Gold and Silver are trying to stabilize after selloff

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    Although gold and silver saw disappointing price action on Friday, experiencing their worst daily loss since mid-December, some analysts note that the damage to the broad rallies has been limited.

    The gold market started the week holding initial support around $2,880 an ounce. Spot gold last traded at $2,896.50 an ounce, up 0.50% on the day. Silver is also finding solid support, as it has bounced off its overnight lows just below $32 an ounce. Spot silver last traded at $32.20 an ounce, up 0.20% on the day.

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    The Reserve Bank of India (RBI) is not increasing the reserves of gold to replace any international currency, Finance Minister Nirmala Sitharaman on Monday clarified in the Lok Sabha.

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    Arizona Sonoran Copper makes big announcement valued at C$19.9m ($13.83m) with Hudbay Minerals

    ByVictoria
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    Under this agreement, Hudbay will subscribe for 11,852,064 common shares of Arizona Sonoran at C$1.68 per share.

    Arizona Sonoran president and CEO George Ogilvie said: “We are pleased and appreciative to welcome this further endorsement of our project and the go-forward plan by the team at Hudbay. It is the company’s objective to develop Cactus to be a significant producer of copper cathodes for direct use by industry in the state of Arizona and the larger US supply chain.

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    Gold and Silver are surging

    ByVictoria
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    The price of gold of 99.5 per cent purity climbed Rs 500 to Rs 80,900 per 10 grams. It settled at Rs 80,400 per 10 grams in the previous trading session.

    Silver also surged Rs 2,300 to Rs 94,000 per kg from the previous close of Rs 91,700 per kg on Wednesday.

    “Gold surged higher trading above Rs 79,000 in MCX, supported by a rupee depreciation,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

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    More Info!

    Rs (abbreviated) is a financial term that you may or may not be familiar with. I have 2 descriptions for this abbreviated term. Rs stands for Relative Strength.

    • A strategy used in momentum investing and in identifying value stocks. It focuses on investing in stocks or other investments that have performed well relative to the market as a whole or to a relevant benchmark.
    • (In stock) a technical analysis indicator that measures the performance of a stock relative to a market index or another stock.
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    Gold down 1%, Silver up

    ByVictoria
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    Gold fell more than 1% on Tuesday as signals of easing U.S.-China trade tensions reduced some safe-haven demand, while investors braced for key economic data this week to gauge the Federal Reserve’s policy outlook.

    Spot gold was down 1.2% at $3,300.57 an ounce as of 9:50 a.m. ET (1350 GMT). U.S. gold futures fell 1.1% to $3,310.20.

    “There is some optimism that there will be some de-escalation of the trade war between the U.S. and China,” said David Meger, director of metals trading at High Ridge Futures.

    “We’ve seen the equity markets rebound over the course of the last several sessions. So there’s been a bit of a lesser need for safe havens like gold.”

    Spot silver rose 0.1% to $33.2 an ounce, platinum eased 0.3% to $983.26 and palladium lost 0.8% to $941.51

    Source – Reuters