{"id":125346,"date":"2024-06-24T08:24:34","date_gmt":"2024-06-24T08:24:34","guid":{"rendered":"https:\/\/kinesis.money\/?p=125346"},"modified":"2024-06-24T08:24:34","modified_gmt":"2024-06-24T08:24:34","slug":"silver-falls-below-30","status":"publish","type":"post","link":"https:\/\/kinesis.money\/it\/market-analysis\/silver-news\/silver-falls-below-30\/","title":{"rendered":"Silver Price News: Silver Falls Back Below $30.00 An Ounce"},"content":{"rendered":"\n

Silver prices fell on Friday, reversing the previous day\u2019s solid gains, and moving in line with a downward reversal in gold prices on the day.<\/p>\n\n\n\n

Silver prices fell as low as $29.51 an ounce<\/a> on Friday, compared with around $30.78 an ounce in late trades on Thursday.<\/p>\n\n\n\n

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KAG\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

Prices came under pressure as gold reacted to US manufacturing and services figures for June, which posted stronger readings than the market had expected. The latest macro data supported a \u2018higher-for-longer\u2019 scenario for US interest rates, which would act as a headwind for precious metals prices.<\/p>\n\n\n\n

Data from interest rate traders currently points to a roughly 66% chance of a US rate cut in September and a 78% chance of a first cut happening in November, according to the CME FedWatch Tool: CME FedWatch Tool – CME Group<\/a><\/p>\n\n\n\n

Looking at the near-term charts, silver prices have moved in a downward-sloping channel since late May, and if further losses are sustained, eyes will be on the June 13 lows of around $28.70 an ounce to see if that channel has further to go on the downside.<\/p>\n\n\n\n

However, zooming out to the six-month chart shows that silver\u2019s longer-term trend remains decidedly bullish, with prices having staged a significant run-up since trading at around $22.30 an ounce in late February.<\/p>\n\n\n\n

The longer-term bull case for silver includes several factors, notably strong demand for tangible assets in the face of worries over fiat currencies; a structural supply deficit that is now in its fourth straight year; and a positive longer-term industrial demand outlook linked to the global energy transition, which requires silver for solar panels, batteries and electronics, as well as a host of other applications.<\/p>\n\n\n\n

Looking ahead, Monday will see monthly UK CBI Industrial Trends Orders for June, while Tuesday will see Canadian inflation figures for May, followed by German consumer confidence numbers for July on Wednesday.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Silver prices fell on Friday, reversing the previous day\u2019s solid gains, and moving in line with a downward reversal in gold prices on the day.<\/p>\n","protected":false},"author":50,"featured_media":125374,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[91,214],"tags":[],"class_list":["post-125346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-silver-news"],"acf":[],"yoast_head":"\nSilver Falls Back Below $30.00 An Ounce | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' silver news analysis for today, Monday 24th of June 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" 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