Posted 31st July 2023

Silver Price News: Stronger Dollar Pushes Silver Back Down To $24

silver news 31 07

In contrast to its golden peer, silver ends July looking downwards rather than upwards with the price barely holding above $24 an ounce having surged above $25 an ounce earlier in the month.

silver price news july 31st

Silver’s climb up to $25 an ounce looked to be the start of a long-awaited sustained rally for the precious metal with strong long-term demand for silver’s conductive qualities driving a fundamental outlook that projects a multi-year supply deficit. 

However, yet again macroeconomic factors have pulled the price back with a stronger US dollar on the back of the Federal Reserve’s latest interest rate hike last week reducing silver’s appeal. And with further hikes expected from the Reserve Bank of Australia and the Bank of England this week, that could limit silver’s potential for short-term gains.

Yet with investors and traders now looking past the current hikes and instead focusing on how close the Fed and other central banks are to reaching the peak of their interest rates, this could yet provide another opportunity for silver’s outstanding fundamental case to gain the attention it deserves and see the price once again push up to $25 an ounce and beyond.  

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