Silver prices made solid gains Friday, briefly topping the $24.00 an ounce mark for the first time since early September and clocking up hefty week-on-week gains.
Prices closed out at just under $23.75 an ounce Friday, compared with around $22.35 a week ago. The sharp gains for the grey metal followed similar increases in the gold price, which came as a raft of economic data prompted speculation that US interest rates may have peaked and that the ECB could cut rates by up to 1% in 2024.
The prospect of lower borrowing costs may have been taken by the silver market as supportive for companies in the industrial sectors, which provide a significant portion of demand for the semi-industrial metal.
On the longer-term charts, the latest push to over $24.00 sets up a potentially interesting test of the declining trend line that links several price peaks since the highs of over $26.00 seen in May.
Looking ahead, data points of note this coming week include UK CBI industrial trends orders for November on Wednesday and US durable goods orders for October due out the same day, which may provide further signals on how the industrial sectors are faring. The week ahead will see shortened trading due to the US Thanksgiving holiday on Thursday.
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