Silver extends gains to seven-week high on haven demand

Economies.com
2023-03-24 12:38PM UTC

Silver prices rose in European trade for the third straight session to seven-week highs after surpassing $23 an ounce once more on strong demand on safe havens as Deutsche Bank's troubles spook the markets. 

 

The white metal is on track for the second weekly profit in row on prospects of the end of the US policy tightening cycle. 

 

Prices Today

 

Silver prices rose 1.1% to $23.32 an ounce, the highest since February 2, with a session-low at $22.95, after rising 0.5% yesterday alongside most precious metals. 

 

Global Banking Sector 

 

The cost of insuring Detusche Bank's debts surged to record highs, sending the stock down 15% to five-month lows. 

 

US Treasury Secretary Janet Yellen asserted the government is ready to enact m ore measures to protect bank deposits if needed. 

 

Such developments spooked the markets once more about the banking sector after a short lull and UBS's acquisition of Credit Suisse. 

 

Weekly Trades

 

Silver is up 3.25% so far this week, on track for the second weekly profit in a row amid high demand on safe havens. 

 

The Fed 

 

The Federal Reserve raised interest rates by 25 basis points to 5%, the highest since mid 2007.

 

The Fed removed the phrasing about the need for continuous hikes in interest rates, preferring to use the phrase of "some more tightening"  could be appropriate. 

 

The Fed also maintained neutral interest rates outlook at 5.25% for 2023, paving the way for one more rate hike  this year. 

 

US Rates

 

Pricing for a 0.25% rate hike by the Fed at the May meeting stands at 23%, down from 70%.

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