Despite the bearish pressures in the global market, the XAG/USD pair has impressively managed to hold ground above the $34 mark. Amidst volatile trading sessions early this week, silver glittered, defying the overall negative trend.
The precious metal had initially slumped, falling prey to the soaring US treasury yields exerting their dominance over the commodities market. However, the silver market demonstrated its resilience, buoyed by robust buying support that materialized at lower levels.
Many analysts believe this ability of silver to maintain its price above $34 signifies underlying strength in the metalâs market. Notwithstanding the immediate market pressure, these experts predict a potential price surge in the future.
Moving forward, traders and investors are keeping a keen eye on the geo-political landscape, economic indicators, as well as the US Federal Reserve’s stance on interest rates, as these factors would significantly affect silver prices in the coming days.
Silver, like its sibling gold, is often viewed as a safe-haven investment, and its trajectory will be significantly influenced by the broader market sentiment, especially in these uncertain times. Read More
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