Silver rallies 2% to three-month high

Economies.com
2023-11-27 10:53AM UTC

Silver prices rose over 2% in European trade on Monday, extending gains for the third session and scaling a three-month high, a few dollars away from the coveted $25.

 

Dollar is hovering near three-month lows as the Federal Reserve is presumed to wrap up the current cycle of policy tightening.

 

Silver Prices

 

Silver prices rose 2% to $24.82 an ounce, the highest since September 1, with a session-high at $24.26, after rising 1.9% on Friday, the second profit in a row, following weak US data. 

 

Silver rallied 2.5% last week, the second weekly profit in a row, as dollar and US treasury yields lose ground while demand improves in China.

 

The Dollar

 

The dollar index fell 0.2% on Monday, extending losses for the third session and almost touching a three-month trough at 103.18 against a basket of major rivals.

 

Recent data showed the US manufacturing sector shrank by a faster than expected pace in November, raising concerns about the health of the economy.

 

US Rates

 

The odds for another interest rate hike by the Federal Reserve in December tumbled to just 3%.

 

There's now a 30% chance of a Fed interest rate cut in March, and a 60% chance of an interest cut in May. 

 

Investors await new data on US GDP growth and personal spending later this week.

 

Such data will offer more clues on the likely path ahead for US monetary policies, especially at the Fed December meeting.

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