Silver price is on a decline ahead of the US inflation data. Economists expect consumer prices to have risen by 4.7% in May on a year-on-year basis. This is in comparison to the prior month’s 4.2%. Notably, the US CPI numbers have come in higher-than-expected since March as inflation concerns […]
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 as investors digest Janet Yellen’s comments regarding President Biden’s spending proposal and inflation. According to the Treasury Secretary, who is also a prior Fed Chair, the president should push on with the proposed $4 trillion spending package. On the one hand, she notes that that […]
Silver price is on a rebound after the better-than-expected US jobs data triggered a plunge to $27.04. According to the ADP nonfarm employment report, 978,000 additional individuals were employed in May compared to the forecasted 650,000. In April, that number was lower at 654,000. At the same time, the initial […]
The U.S. Dollar picked up strength on Thursday after a double dose of stellar employment data hit the markets. Data from Automated Data Processing Inc (ADP) showed that private-sector hiring rose by 978K, beating the consensus of 645K and also exceeding the 654K jobs added in April. Furthermore, initial jobless […]
Silver price is trading higher as a reaction to Chinese manufacturing data. In addition to being a precious metal, silver also has various industrial applications. Notably, China is a key consumer of the metal for the manufacturing of various products including silverware, jewellery, and solar panels. According to the country’s […]
The Silver price has struggled to clear $30.00 in 2021. That could be about to change as XAGUSD may finally be ready to ride the commodity supercycle. A perfect storm may be heading for Silver. A confluence of bullish developments could trigger the next bull run. Fed Balance Sheet Expansion. […]
Silver price is under pressure from the rising Treasury yields and US dollar. On Thursday, the benchmark 10-year Treasury yields are at 1.58 after hitting an intraday low of 1.55 in the previous session. The 5 and 30-year yields have risen by 0.59% and 0.18%. Notably, US bond yields usually […]
The silver price has done well in the past trading sessions as fears of high interest rates eased. The metal’s price rose to $28, which is slightly above this week’s low of $27.17. Other precious metals like gold and platinum have also bounced back. Silver news: Silver has is rising […]
Silver price has been range-bound for close to a week as US lawmakers from the two major political divides remain at odds over the approval of Biden’s infrastructure proposal. As an industrial metal, silver is set to have its demand rise in the implementation of US infrastructure projects such as […]
Silver price maintained intraday gains after Fed Governor Brainard’s remarks put the US Dollar on the back foot. Falling yields on the 10-year note are also helping to push back the bulls on the USD, allowing the non-yielding metal to attract some demand. US 10-year treasury yields fell on the […]