News Formal

Silver Price Forecast: XAG/USD rises to near $28.50 on market caution

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 22 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 72%

Silver News

XAGUSD,Macroeconomics,Commodities

Silver price edges higher to near $28.50 per troy ounce during the European trading hours on Wednesday.

Silver price appreciates as traders adopt caution on expectations of Israel responding to Iran's attack. The decline in the US Dollar provides support to advance Silver demand. The price of the white metal could struggleas the Fed may adopt a hawkish stance on its monetary tightening. The safe-haven bullion like Silver gains ground on the market caution. Investors are cautiously monitoring Israel's response to Iran's air strike on Saturday.

The expectations of the Federal Reserve maintaining elevated interest rates for a longer duration, buoyed by a robust US economy and persistent inflation. Additionally, the hawkish remarks from the Federal Reserve Chair Jerome Powell, could support the US Dollar . A stronger US Dollar tends to make silver more expensive to buy for investors using other currencies, which could impact the demand for the white metal.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Silver Price Forecast: XAG/USD stretches lower to near $24.90 amid a market cautionSilver price loses ground for the third consecutive session, trading lower near $24.90 per troy ounce during early European trading hours on Wednesday.
Source: FXStreetNews - 🏆 14. / 72 Read more »