Silver on track for largest weekly loss in 2023
2023-06-23 11:37AM UTC

Silver prices rose in European trade above three-month lows plumbed earlier in Asian trade with the white metal heading for the largest weekly loss this year.


Such losses came amid growing pressure from the stronger dollar and bleak outlook for global demand on industrial metals as central banks continue to aggressively raise interest rates. 


Silver Prices Today


Silver prices rose 0.6% to $22.39 an ounce, after marking March 17 lows at $22.11, while tumbling 1.8% on Thursday, the fourth loss in a row. 


Weekly Trading


Silver prices are down 7.5% so far this week on track for the second weekly loss in a row and the largest since October 2022.


The Dollar


The dollar index rose 0.7% on Friday for another session, hitting one-week high at 103.09 against a basket of major rivals.


Dollar was boosted by bullish remarks by Jerome Powell, while a spate of weak European data hurt chances of extended policy tightening by the European Central Bank this year.



Fed Chair Jerome Powell said at his Congressional testimony that more interest rate hikes could be undertaken in the future to rein in inflation.


In his testimony ahead of Congress, Fed Chair said the decision to hold interest rates unchanged last week was likely a transient lull and not a sign of ending the cycle.


Powell said in his prepared notes that all participants in the Federal Open Market Committee believe it'll be appropriate to raise interest rates again this year.


He noted that inflation has calmed down but remains much higher than the 2% target.


Global Rates


Swiss National Bank raised interest rates by 25 basis points at the June 22 meeting to 1.75%, the highest since before the financial crisis in 2008.


Bank of England surprised markets with a 0.5% rate hike at the June 22 meeting to 5%, the highest since 2008, and surpassing expectations of a 0.25% rate hike.


The European Central Bank already raised interest rates by 25 basis points last week to 4%.


Higher interest rates weigh negatively on silver futures and hurt their appeal.

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