Silver on track for first weekly profit since mid-January

Economies.com
2023-03-03 12:28PM UTC

Silver prices rose in European trade on track for the first weekly profit since January as most precious metals gain ground on the back of the decline in US treasury yields. 

 

US yields stalled after a bearish statement by a Fed official, hurting chances of a 0.5% rate hike in March. 

 

Prices are also boosted by strong Chinese data this week that showed robust industrial activity, which could lead to higher demand on minerals. 

 

Prices Today

 

Silver prices rose 1.3% to $21.15 an ounce, with a session-low at $20.88, after losing 0.4% yesterday, the first loss in three days to near three-month lows at $20.41. 

 

Weekly Trading

 

Silver is up 1.9% so far this week on track for the first weekly profit in seven weeks. 

 

US Yields

 

US 10-year treasury yields fell 1.5% on Friday off four-month highs at 4.089%, on track for the first loss in four sessions on profit-taking. 

 

Weaker US treasury yields underpins non-yielding assets such gold and prices, with gold hitting two-week highs at $1,849. 

 

Fed Remarks

 

Atlanta Fed President Rafaael Bostic said the Fed will be in a position to end the current cycle of policy tightening by the middle of the year, and that he supports a 0.25% rate hike in March.

 

Fed Rates

 

Following such remarks, odds for a 0.5% rate hike fell from 31% to 27%, while odds for a 0.25% hike at least stood at 100%. 

 

Chinese Economy

 

Earlier data showed brisk industrial growth in China last month by the fastest pace since April 2012 after months of deterioration. 

 

As China's economy rebounds, demand on commodities and minerals is expected to improve as well.

Commodities News

Gold News

Commodities

Gold rushes above $2400 as Israel attacks Iran
2024-04-19 07:41AM UTC
Gold prices rose in European trade on Friday, extending gains for a second day and trading above ...
Gold News

Commodities

Gold returns higher towards $2400
2024-04-18 18:59PM UTC
Gold prices rose on Thursday as the dollar advanced against most major rivals amid mounting ...
Gold News

Commodities

Gold advances towards unprecedented peaks
2024-04-18 09:21AM UTC
Gold prices rose in European trade on Thursday, resuming gains and moving once again towards record ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Brent oil price forecast update 19-04-2024
2024-04-19 10:43AM UTC
Brent Oil Price Analysis Expected Scenario The Brent oil price bounced downwards strongly ...
Oil Analysis

Commodities

Crude oil price forecast update 19-04-2024
2024-04-19 10:43AM UTC
Crude Oil Price Analysis Expected Scenario Crude oil price couldn’t manage to hold ...
Silver Analysis

Commodities

Silver price forecast update 19-04-2024
2024-04-19 10:43AM UTC
Silver Price Analysis Expected Scenario Silver price returns to test the key support at ...