Silver approaches first weekly profit in 2024

Economies.com
2024-01-26 11:29AM UTC

Silver prices rose in European trade on Friday, moving off two-month lows for the fourth straight session.

 

The white metal is heading for the first weekly profit in 2024 as US treasury yields decline while actual demand in China is expected to rebound. 

 

Prices Today

 

Silver prices rose 0.3% to $22.98 an ounce, with a session-low at $22.80, after rising 1.1% on Thursday, the third profit in a row, away from a two-month low at $91.93. 

 

Weekly Trades 

 

Silver prices are up 1.5% so far this week, on track for the first weekly profit in five weeks. 

 

US Yields

 

US 10-year treasury yields fell 0.7% on Friday, underpinning non-yielding assets such as silver. 

 

The losses come before personal spending data for December, which will provide important clues on the status of inflation and the likely path ahead for US monetary policies. 

 

Chinese Demand

 

China's Central Bank announced this week a large cut in required local bank reserves in a step to add nearly $140 billion of liquidity to the market and boost performance. 

 

The bank said the cut, amounting to 50 basis points, of banking reserves, is the biggest in two years and will be effective starting February 5. 

 

Such a step could help boost demand on precious metals such as gold and silver. 

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