Silver hovers near two-month peak amid strong demand

Economies.com
2023-11-17 09:01AM UTC

Silver prices rose in European trade while maintaining gains for the fifth straight session, almost touching two-month high and on track for the largest weekly profit in four months amid strong demand on the white metal.

 

Strong demand on non-yielding assets grew as US 10-year treasury yields tumbled, and following strong Chinese data. 

 

Silver Prices

 

Silver prices rose 0.8% to $23.93 an ounce, after rising 1.3% on Thursday, the fourth profit in a row, marking a two-month high at $24.07 an ounce following weak US data. 

 

Weekly Trading 

 

Silver prices are up 7.5% so far this week on track for the second weekly profit in three weeks, and the largest since July. 

 

US Yields 

 

US 10-year treasury yields slid 1.1% on Friday, extending losses for the second loss in a row, and plumbing two-month lows at 4.391%. 

 

Such developments in the US bonds sector came after US inflation and unemployment claims data hurt the odds for another US Federal Reserve interest rate hike next month.

 

Such data bolstered the case for the end of the current cycle of policy tightening in the US. 

 

The odds for a 0.25% interest rate hike in December tumbled to just 1%.

 

Traders now expect the first interest rate cut by the Federal Reserve in May 2024. 

 

Chinese Demand 

 

Earlier data showed China's industrial output rose 4.6% in October, improving from 4.5% in September.

 

Retail sales rallied 7.6% in October, the fastest such pace since May, accelerating from 5.5% in September. 

 

Such data showcases the continued strength of the Chinese economy in the fourth quarter as the Chinese government continues to launch measures to stimulate and boost economic activities. 

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