Silver price is down by more than 1% today as the market reacts to the rising number of Covid-19 cases and the overall stronger dollar. The metal is trading at $24.80, which is slightly below yesterday’s high of $25.30. The number of Covid-19 cases is surging around the world. Data […]
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 (XAGUSD) is rising today as the market remains optimistic about stimulus, the upcoming US election, and the weaker US dollar. The metal’s price is trading at $25.12, which is 0.60% higher than its close yesterday. Other metals, including gold and copper are also gaining today. The price of […]
Silver prices have reacted in a muted fashion, albeit quite surprisingly to the contraction in Industrial Production in the US for September. The US Federal Reserve reports a contraction in US Industrial Production by 0.6% in September, which was well below the 0.4% expansion in August and far less than […]
Silver price is on track for its first weekly decline in three weeks as investors’ worries of weak demand persist. The metal’s price is up by 0.40% and is trading at $24.42, which is slightly higher than yesterday’s low of $23.50. There are four things moving the price of silver […]
Silver prices continue to trade within the consolidation formed by the ascending channel, as the markets look for data that could sway price direction to either resume the correction or continue the uptrend. Tomorrow, the US will release industrial production and capacity utilization data, which could in the near-term, sway […]
Silver price (XAGUSD) is under pressure today as investors remain concerned about demand and the overall stronger US dollar. The metal is down by more than 2% and is trading at $24.12. Other metals are also in the red, with gold and silver prices down by 0.45% and 0.10%, respectively. […]
Silver prices today are up by almost 1% mostly because of the weaker US dollar. The metal is trading at $24, which is significantly lower than this year’s high of $29.77. Gold is up by 0.25% while the price of copper has fallen by 0.10%. The price of silver reached […]
Silver prices are up today following an increase in the ISM Manufacturing PMI, but the march towards $25 could be laboured as the increase was softer than markets had expected. Economic activity in the US manufacturing sector had a softer-than-expected pace of expansion, growing to 55.4. This was lower than […]
Silver price (XAGUSD) is tumbling today as traders reflect on the first presidential debate between Donald Trump and Joe Biden. The metal is down by more than 2% and is trading at $23.95. Other metals like gold, copper, platinum, and palladium are also in the red today. Silver price has...
The silver price has found support after the U.S. dollar retreated from the recent rally. Renewed discussions over another stimulus package has been bullish for silver as fears over the U.S. debt and spending levels were one the key catalysts for the July rally in commodities. House leaders have yet […]