Silver Price News: Silver Nudges Higher for 0.8% Weekly Gain

Silver prices edged slightly higher on Friday to cap the week with a modest rise of 0.8%, continuing range-bound trading that has persisted for the last three weeks.

Prices rose as high as $30.14 an ounce on Friday, although the gains failed to hold and prices pulled back to around $29.64 an ounce later in the session.

Friday’s modest increase helped lift silver further off its mid-week lows of $28.81 an ounce, although this does not represent fresh momentum in either direction. The market has been mostly range bound between $29.00 and $30.00 an ounce since December 19^th and hovering at four-month lows.

Industrial demand seen up 7% in 2024

Industrial demand for silver was forecast to rise by 7% in 2024 to top 700 million ounces for the first time, industry group the Silver Institute said in a report on January 2^nd: Silver News December 2024.

However, total global demand for silver was expected to be up only 1% in 2024 from 2023 levels, while total supply was expected to rise by 2% year on year, it said. The silver market was expected to see a physical supply deficit of 182 million ounces in 2024 overall. The figure rises to 282 million ounces if the net investment of 100 million ounces in exchange-traded products is included in the calculation, which were on track for their first annual inflows in three years, it said.

Upcoming data releases

Data releases to watch this week include Monday’s US S&P Global Services PMI figures for December and factory orders for November. Then Tuesday will bring monthly Euro Area inflation and unemployment figures, followed by the US ISM Services PMI for December and the JOLTs job openings for November, providing the latest pulse-check on the health of the US economy.