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

📆 17/04/2024 09:34:00
📰 FXStreetNews

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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.

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