Silver extends recovery on hopes for Chinese demand
2024-02-09 09:19AM UTC

Silver prices rose in European trade on Friday, extending gains for the second day off two-week lows amid short-covering.


Demand is expected to improve on precious metals amid the New Lunar Year holiday, while Chinese authorities take new measures this week to boost the economy and underpin demand. 


Silver Prices Today


Silver prices rose 0.6% to $22.72 an ounce, after rising 1.65% on Thursday, the second profit in three days away from a two-week trough at $22.15. 


Chinese Demand 


The new lunar year in China starts tomorrow, February 10, and continues for 15 days, and is expected to be a year filled with “positive energy” according to Chinese astrology. 


During the festivals, demand usually spikes on jewelry of all kinds, with people exchanging gifts and wearing new jewelry items as part of the traditions. 


It’s now expected that the new year in China will witness one of the biggest spikes on precious metals and jewelry so far. 


Additionally, Chinese authorities starting taking new stimulus measures to boost economic activities in the country, which is expected to boost demand on industrial metals as well.


Silver Institute 


The Washington-based Silver Institute said in its latest report that 2024 will be a “fantastic year” for the white metal, with prices potentially rising to 10-year highs.


The institute expects silver demand to hit 1.2 billion ounces in 2024, the second highest on record. 


The non-profit organization said that strong industrial activities will drive demand on silver, as manufacturing scales up worldwide this year. 

Commodities News

Oil News


US crude climbs above $80 a barrel, while Brent rushes to seven-week high
2024-06-18 14:28PM UTC
Global oil prices rose in American trade on Tuesday for the third straight session, with US crude ...
Gold News


Gold declines despite mounting pressures on US dollar
2024-06-17 19:40PM UTC
Gold prices fell on Monday even as the dollar lost ground against most major rivals, as markets ...
Palladium News


Palladium driven lower by dollar's strength
2024-06-14 15:05PM UTC
Palladium prices fell on Friday as the dollar muscled up against most major rivals, and amid ...

Commodities Technical Analysis

Brent oil Analysis


Brent oil price forecast update 18-06-2024
2024-06-18 09:30AM UTC
Brent Oil Price Analysis Expected Scenario Brent oil price shows bearish bias now, ...
Oil Analysis


Crude oil price forecast update 18-06-2024
2024-06-18 09:30AM UTC
Crude Oil Price Analysis Expected Scenario Crude oil price is testing the key support ...
Silver Analysis


Silver price forecast update 18-06-2024
2024-06-18 09:30AM UTC
Silver Price Analysis Expected Scenario Silver price resumes its negative trading to ...