Silver prices start recovering from two-month trough

Economies.com
2024-01-12 11:50AM UTC

Silver prices rose in European trade on Friday for the first session in five days amid attempts to recover from two-month lows amid improving demand on safe havens.

 

Prices are also boosted by hopes of increasing actual demand in China after data showed Chinese exports rebounded in December in a sign of economic recovery. 

 

Silver Prices Today

 

Silver prices rose 1.4% to $23.06 an ounce, with a session-low at $22.75, after losing 0.6% on Thursday, the fourth loss in a row, plumbing a two-month trough at $22.48 an ounce following remarks by Fed officials. 

 

Haven Demand

 

Demand on safe havens such as gold and silver increased amid worsening geopolitical conditions in the Middle East, with the US and Britain launching air strikes against Houthi targets in Yemen.

 

The developments threaten of a widening of the front of the Israel-Gaza war as more regional and international powers step in the fray. 

 

Chinese Demand

 

Customs data from China showed exports rose by 2.3% in December, beating expectations of a 1.7% rise, and up from 0.5% in November.

 

It's another sign of improving performance by various economic sectors in China, which could bode well for precious metals demand. 

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