Silver Price News: Silver Climbs Back Above $31.00 an Ounce

Silver prices edged higher on Thursday to reclaim the $31.00 an ounce mark, taking a lead from a modest strengthening in the gold price.

Prices rose as high as $31.21 an ounce on Thursday afternoon, compared with around $30.50 an ounce in late trades on Wednesday.

The precious metals markets took a modicum of support from US jobless claims figures released on Thursday, which came in above market expectations. A rise in unemployment suggests a greater need for interest rate cuts in the coming weeks, an outcome that is supportive for gold and silver prices.

Silver’s moderate gains on Thursday came from a three-week low of $30.16 an ounce on Tuesday this week. Silver’s action so far this week puts the precious metal in the mid-range of a three-month rising trend channel that’s been in place since early August, with a lower boundary at $29.15 and an upper boundary at around $32.15 an ounce.

Looking ahead, the markets will be keeping an eye on Indian industrial and manufacturing production figures for August due out on Friday, for signs of industrial demand in one of the world’s largest consumers of silver. Also of interest will be the US producer price index for September, for the latest reading on inflation as the markets weigh the prospects for further interest rate cuts before the end of the year.