Silver price (XAGUSD) is gaining momentum today, a day after gold price crossed the important $2,000 resistance. The price is up by more than 1.78% while gold is up by just 1.35%. Even with the sharp increase, analysts believe that silver has more upside to go. Silver is trading at […]
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
Positive Manufacturing Data Allow Silver Price to Outperform Gold Silver is currently outperforming gold in today’s trading sessions. While gold prices are up by 1%, silver price action is pushing beyond the 4% gain level and now trades at a one-week high above the $25 mark. The main reason for […]
Silver price (XAGUSD) is in a holding pattern as traders reassess whether the dollar strength is here to stay. Today, the US dollar index has soared by more than 0.35%. It is in its second consecutive day in the green. Silver price best month in a decade The price of...
The momentum of silver price (XAGUSD) has waned. The metal is down for the past three consecutive days and is down by more than 4% today. It is trading at $23.30, which is significantly lower than this week’s high of $26.18. Other metals have also declined, with copper price falling […]
The growing number of COVID-19 cases in multiple countries is again painting a mixed picture for Asian stocks today. In Hong Kong, the Hang Seng index climbed by about 0.45%, even after its Chief Executive warned for surging numbers of Corona-related infections across the administrative region. Meanwhile, in China, the […]
Silver price (XAGUSD) is down for the second straight day as the unstoppable rally pauses ahead of the Fed rate decision. The metal is trading at $24.10, which is slightly below this week’s high of $26.20. Gold, on the other hand, is up by 0.20% while copper is barely moved...
Silver price (XAGUSD) wobbled today as investors refocus on the Fed meeting that will start today and the relatively stronger US dollar. The metal is trading at $23.78, which is below yesterday’s high of $26.20. It is not alone. Other metals are also in the red, with palladium, platinum, aluminium,...
Silver price (XAGUSD) rally seems unstoppable. The metal is trading at $24.07, which is the highest it has been since August 2013. It is also in the fourth straight months of gains. Other metals like copper and gold are also surging, with the latter being at the highest level on...
Silver price (XAGUSD) spiked to a seven-year high of $23.20 yesterday as traders reacted to positive sentiments from analysts. A major bullish call came from Mark Mobius, the famous emerging markets investor, who made a case for investing in gold. While he did not mention silver, the price rose because...
Silver price (XAGUSD) impressive rally is just starting, according to analysts from Saxo Bank and Commerzbank. This is despite the fact that the price has declined by more than 1.3% today. Unlike silver, gold price is up by more than 0.60% today. Joe Biden and silver prices Some analysts believe […]