Silver climbs over 2% after strong Chinese data

Economies.com
2023-09-15 09:29AM UTC

Silver prices rose over 2% in European trade on Friday off four-week lows and on track for the largest profit since late August on active purchases from low levels.

 

Recent strong Chinese data raised hopes for improving demand on metals and commodities, as authorities continue to take strong measures to support recovery. 

 

Silver Prices Today

 

Silver prices rose 2.25% to $23.16 an ounce, with a session-low at $22.63, after declining 0.8% on Thursday, the third loss in a row, plumbing a four-week trough at $22.30 an ounce under pressure from dollar and US treasury yields.

 

Chinese Demand 

 

Recent strong Chinese data indicated the economy is likely recovering in the third quarter of the year and exiting the recent struggles.

 

China's industrial production rose 4.5% in August, beating estimates of 3.9%, while retail sales rose 4.6% in August, beating estimates of 3.0%, as unemployment fell to 5.2%.

 

In another stimulus step to boost the economy, the People's Bank of China decided to lower the required cash reserves held by banks by 25 basis points to nearly 7.4%.

 

Such strong data and monetary decisions will service to boost hopes for improving actual demand on metals, especially industrial metals in the world's largest metals consumer. 

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