Silver on track for seconc weekly loss in a row

Economies.com
2024-03-01 09:41AM UTC

Silver prices fell in European trade on Friday, resuming losses and approaching two-week lows, while on track for the second weekly loss in a row on weak investment demand.

 

Traders are now preferring higher-yield asserts, especially US treasury bonds and bitcoin exchange funds.

 

Silver Prices Today 

 

Silver prices fell 0.75% to $22.51 an ounce, with a session-high at $22.79, after closing up 1% on Thursday, away from two-week lows at $22.28. 

 

Weekly Trades

 

Silver prices are down 2.0% so far this week on track for the second weekly loss in a row.

 

Weak Investment Demand 

 

As the odds of early Fed rate cuts this year fade, the yields on US 10-year treasury bonds surged to three-month highs.

 

Demand is also strengthening on Bitcoin exchange funds after official US approval in January, attracting massive liquidity in the past two weeks. 

 

Such developments are pressuring non-yielding assets, including gold and silver, in favor of better, more competitive assets now. 

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