{"id":134235,"date":"2024-10-09T09:05:58","date_gmt":"2024-10-09T09:05:58","guid":{"rendered":"https:\/\/kinesis.money\/?p=134235"},"modified":"2024-10-09T09:05:58","modified_gmt":"2024-10-09T09:05:58","slug":"silver-three-week-low","status":"publish","type":"post","link":"https:\/\/kinesis.money\/pl\/market-analysis\/silver-news\/silver-three-week-low\/","title":{"rendered":"Silver Price News: Silver Slumps to Three-Week Low"},"content":{"rendered":"\n

Silver prices fell on Tuesday, weighed down by weaker gold prices, a stronger dollar and rising US treasury yields.<\/p>\n\n\n\n

Prices fell as low as $30.16 an ounce<\/a>, compared with around $31.67 an ounce in late trades on Monday. That was the lowest price for silver since September 18 \u2013 a three-week low. Prices came up off the earlier lows to trade at around $30.70 an ounce later in the day Tuesday.<\/p>\n\n\n\n

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KAG\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

Overall, the grey metal came under downward pressure from a rising US dollar, which has strengthened against other major currencies in early October, as well as rising yields on US 10-year treasury bonds, which dent the appeal of non-interest-bearing assets like precious metals.<\/p>\n\n\n\n

On the technical charts, the recent action shows that silver has pulled back from horizontal resistance linked to the May highs of around $32.50 an ounce. However, silver prices are also in a shorter-term bullish trend channel that started at the lows of around $26.50 an ounce in early August. Should prices deteriorate further, this trend channel indicates downside support at around $29.00 an ounce.<\/p>\n\n\n\n

Looking ahead, Wednesday will see a round of speeches by US Fed officials, while Thursday\u2019s US inflation figures for September may provide a gauge on the US Fed\u2019s upcoming decision on interest rates on November 7. The markets currently anticipate with a large majority a cut of 25 basis points to 4.5%.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience<\/a> covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(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.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
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Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Silver prices fell on Tuesday, weighed down by weaker gold prices, a stronger dollar and rising US treasury yields.<\/p>\n","protected":false},"author":50,"featured_media":134299,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[91,214],"tags":[],"class_list":["post-134235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-silver-news"],"acf":[],"yoast_head":"\nSilver Slumps to Three-Week Low | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' silver price news analysis for today, Wednesday 9th of October 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"pl_PL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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