Silver on track for second weekly profit in row

Economies.com
2023-12-22 08:47AM UTC

Silver prices rose in European trade on track for the fourth straight session, hitting a two-week high and on track for the second weekly profit in a row as the dollar lost ground.

 

The decline comes following weak US GDP growth data, paving the way for an early interest rate cut by the Federal Reserve at the March meeting,

 

Silver Prices Today 

 

Silver prices rose 0.4% to $24.50 an ounce, the highest since December 5, after rising 1.1%  on Thursday, the third profit in a row as most dollar-denominated metals futures gained ground.

 

Weekly Trading 

 

Silver is up 2.5% so far this week, on track for the second weekly profit in a row.

 

The Dollar

 

The dollar index fell 0.1% on Friday, sharpening losses for the second session, and plumbing a five-month trough at 101.73 against a basket of major rivals. 

 

The decline came after government data showed the final reading for US GDP growth at 4.9% y/y in the third quarter, down from 5.2% in the previous reading, but still much higher than 2.1% in the second quarter. 

 

Such data showcases the strength of the economy as it proves its resilience despite high interest rates.

 

Following the data, pricing for a US interest rate cut at the Fed March meeting surged to 83.5, and pricing for such a cut at the May meeting rose to 99.5%. 

 

Now investors await crucial US personal spending data for November, which the Federal Reserve relied upon heavily to gauge the state of inflation in the country.

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