Posted 17th November 2023

Silver Price News: Silver Hits Three-Month High as Dollar Weakens

Silver prices notched up further gains Thursday, taking prices to the highest level in more than three months.

Prices briefly jumped to $24.08 an ounce Thursday, compared with a low of $23.07 an ounce Wednesday. That was the highest price since early September.

The gains for silver came in tandem with strength in the gold price this week, which took support from lower-than-expected US inflation data, which cut the risk of further interest rate hikes.

The US dollar weakened substantially against other currencies this week, which was a supportive factor for silver and gold – both widely traded in the US currency.

On the macro front, the S&P 500 index has posted a strong rebound in the first half of November, which indicates a relatively more favourable outlook for the US economy, in a bullish sign for silver demand. That said, silver prices have yet to break out of a longer-term declining trend that’s been in evidence over the last three years since highs of almost $30 an ounce in February 2021.

There is little in the way of market-moving data on the immediate horizon, barring Spanish consumer confidence and Brazilian business confidence figures due out Friday.

The market will be looking ahead to UK CBI industrial trends orders for November on Wednesday and US durable goods orders for October due out the same day, to get a handle on the health of the industrial sectors which create demand for silver.

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