A rebound in US long-term bond yields and higher-than-expected producer price index numbers combined to strengthen the greenback and set back silver prices (XAG/USD). This Friday, spot silver found itself trading 0.62% lower, before renewed buying interest at the $25 mark prevented a further decline. Once more, the situation with […]
XAGUSD: Silver Prices
In this section, you will find our latest Silver price news and analysis, you will also be able to read about its history, and find a live chart for technical analysis.
Just like gold, silver is a precious metal that is widely seen by investors as having intrinsic value. This means that the demand for it typically rises in the midst of concerns like slow economic growth, unemployment, political uncertainty, war, and the like. It is widely assumed that amid these problems this tangible asset will still hold value. With that said, XAGUSD tends to trade higher when investors have a cause for concern. For instance, the precious metal’s rally in 2010 was fueled by concerns surrounding the eurozone debt crisis and the potential contagion it posed.
What is XAGUSD?
XAGUSD is the financial symbol for the spot price of silver and in terms of US dollars. Prior to the 2008 financial crisis, there was very little demand for the precious metal. In fact, the spot price of silver averaged around $4.99 an ounce from September 1998 to May 2003. It then rose to $14.44 in 2006 to 2007. In 2008, it reached a low of $8.50 and rose to $49.53 in two years!
Secondly, because it is priced in US dollars, silver also shares an inverse relationship with the currency. This means that a stronger dollar could weigh it down while a weaker dollar could help it gain traction on the charts. Aside from the fact that it is pegged against the US dollar, another reason for this relationship is because the US dollar can also be viewed as a cheaper safe-haven alternative to precious metals. The currency has gained this reputation thanks to its Treasury bills and the fact that the US has never missed paying its debt on time.
It is also said that silver tends to react to manufacturing data. This is because unlike gold, silver actually has some industrial uses. The precious metal is used in automotive, electronics, and event photography.
Live XAGUSD Chart
Silver Price News
Silver price is trading lower after being on a rebound for over a week. The precious metal has been on recovery following the decline in US treasury yields and the US dollar. However, in today’s session, the benchmark 10-year bond yields rose by 3.42% at 1.66. With the yields offering […]
Silver (XAG/USD) prices are up nearly 1.6% this Thursday after long-term bond yields fell following the FOMC minutes that were described as dovish. Yields on long-term US government bonds are slipping on the day, with the yield on the 10-year Treasury note falling 2.21% as of the time of writing, […]
Silver prices (XAG/USD) are trading higher this Tuesday as the greenback takes a hit from profit-takers and sliding bond yields on the real long-term bonds. On a day that has been relatively light on economic data, the yield on the 10-year US Treasury bond has eased 2.6%, creating bearish sentiment […]
Silver price had a mixed first quarter. After rising to a multi-year high of $30 in February, the price crashed by almost 20% and ended the quarter at $24.30. The same trend happened for gold, whose price dropped by more than 10% from its highest level this year. What happened: […]
Silver price is see-sawing around $24.50 as the market reacts to the surge in US treasury yields. On Tuesday, the precious metal was trading lower by 0.54% at 24.51. After dropping below 1.60, the 10-year US bond yields are back to the one-year high hit in mid-March at 1.75. This […]
In Friday’s session, silver price is up by 0.07% at 25.0755. This is after the decline to $24.40 on Thursday. While the precious metal is back up above the $25 mark, it remains on a downtrend. Over the past month, it has declined by around 13%. The strengthening of the […]
Silver price (XAG/USD) continued the projected price move following today’s selloff, which is occurring as the greenback continues to gather strength in the FX market. Silver price lost 1.68% on the XAG/USD pair, despite a decline in the US bond yields on the 10-year note by half a percentage point […]
Silver price is still struggling to get past $26. Its struggles are similar to gold, which has been finding resistance below $1,750. Platinum and palladium have also been trading sideways for five consecutive days below $1,200 and $2,650 respectively. The strengthening US dollar has exerted pressure on silver and other […]
Silver price (XAG/USD) was hit with some strong selling after the fall in the Turkish Lira sparked a risk-averse environment in the global markets. The situation favored the greenback at the expense of the non-yielding commodities. The sharp drop in the XAG/USD has violated the bearish pennant on the daily […]