Posted 26th February 2024

Silver Price News: Silver Rebounds to $23.00 Following Gold's Strength

Silver prices rebounded late Friday to pare the losses seen earlier in the week, taking a lead from a late rally in gold markets.

Prices climbed back to just above the $23.00 an ounce mark in late deals on Friday, up from an intraday low of $22.58 an ounce.

The strength for precious metals markets came as US Treasury yields took a sharp downturn on Friday, boosting the appeal of non-interest-bearing assets.

Looking at the week as a whole, silver prices lost ground, in sharp contrast to gold prices which ended the week with solid gains. However, Friday’s rebound for silver helped to mitigate the week-on-week losses, which were pegged at around 2.2%.

The markets will be looking out for Monday’s speech by ECB President Christine Lagarde, which may provide clues on upcoming interest rate decisions by the EU’s central bank. Further ahead, Tuesday will see the release of US durable goods orders for January, for a handle on industrial demand for silver. The markets expect a 4.5% drop compared with December levels.

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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