Posted 10th July 2024

Silver Price News: Silver Holds Steady After Monday’s Slight Losses

Silver prices were steady on Tuesday, with the market standing pat after briefly testing the downside at below $30.60 an ounce.

Prices moved in a range of $30.54 to $31.22 an ounce on Tuesday, compared with around $30.82 an ounce in late trades on Monday.

KAG/USD 1-hourly Kinesis Exchange

The market was more subdued this week after powering up to a high of $31.70 an ounce on July 5. The recent strength has snapped a short-term bearish trend observed since late May. And on the longer-term charts, a bullish trend that began from late February’s lows of around $22.50 an ounce is still firmly in place, and only a convincing drop below $29.00 would be seen to break that trend.

With a dearth of macro data releases on Tuesday, the markets will be looking ahead to Wednesday’s industrial production figures for Turkey and Italy, and speeches by US Fed officials including chair Jerome Powell. Silver’s dual role as an industrial and precious metal make industrial and manufacturing figures a key input for demand for the grey metal.

Then on Thursday, further data releases include UK industrial and manufacturing production for May and the closely-watched US core inflation rate for June, which plays into the picture for US monetary policy as the central bank fights to bring inflation down to its target of 2%. Thursday will also see the release of the weekly US initial jobless claims figures for the week ending July 6 for a fresh update on the health of the US economy.

Frank’s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets. He has worked as a senior editor for S&P Global Commodity Insights (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.

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