Posted 3rd Mayıs 2024

Silver Price News: Silver Ends Flat After Early Drop Reverses

Silver prices were little changed overall on Thursday after prices rebounded from earlier lows to end broadly unchanged on the day.

Prices fell through the morning session to hit a low of around $26.05 an ounce – their lowest level in a month. However, prices climbed back to $26.70 an ounce later in the day. That compared with $26.74 an ounce in late deals on Wednesday.

KAG/USD 1-hourly Kinesis Exchange

Silver followed gold’s coattails on Thursday, with the yellow metal falling through the morning session before edging higher later to pare the losses.

Weakness in both the US dollar and 10-year treasury yields helped the precious metals complex find some footing after the intra-day dip, allowing gold and silver prices to recoup the earlier losses in the afternoon.

Nevertheless, both gold and silver face some headwinds on an easing of geopolitical tensions in recent days, reducing the safe-haven appeal of precious metals, while a tempering of expectations for interest rate cuts in the coming months has also weighed on prices.

Few surprises emerged from Wednesday’s US Fed meeting where the central bank held interest rates unchanged at 5.25-5.5% as widely expected and signalled its intent to maintain a stance that would help bring inflation down towards the 2% target.

Looking ahead, Friday’s US non-farm payrolls, unemployment rate and ISM Services PMI figures are set to provide the latest snapshot on economic conditions in the US, which will play into the expected path for interest rates in the coming months.

Frank’s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets. He has worked as a senior editor for S&P Global Commodity Insights (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.

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