Posted 25th March 2024

Silver Price News: Silver Steady After Mid-Week Surge

Silver prices were broadly steady on Friday, as the market took a breather following a mid-week surge to an 11-month high.

Prices drifted slightly lower to around $24.70 an ounce on Friday afternoon, down from around $24.77 an ounce in late trades on Thursday.

Kinesis silver KAU ($/oz) – from Kinesis Exchange

The calmer conditions on Friday followed a bout of mid-week volatility when silver prices surged as high as $25.75 an ounce – the highest price since May 2023 – only to give up the gains on Thursday.

The spike in silver prices was in line with gold prices, which powered up to an all-time high of $2,223 an ounce on Wednesday, with the precious metals markets in a bullish mood as traders anticipate three US interest rate cuts this year – June being the first potential target.

However, the US Fed is only likely to start a loosening of monetary policy when it has clear evidence that inflation is coming down towards targets, creating uncertainty over the timing of any cuts.

A strengthening of the US dollar against other major currencies also put silver prices under downward pressure toward the end of the week.

Looking ahead, Monday will see a speech by ECB President Christine Lagarde, which may offer clues on the likely path for interest rates in Europe, while on Tuesday, eyes will be on US durable goods orders for February, for an update on economic conditions in the US.

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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