Silver price (XAGUSD) impressive rally is just starting, according to analysts from Saxo Bank and Commerzbank. This is despite the...
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.
Silver latest news
Silver price (XAGUSD) is under pressure today as investors remain concerned about demand and the overall stronger US dollar. The...
Silver price wobbled today as investors continued to focus on the state of the global economy. Its price dropped by about 25 basis points while that of gold rose by more than 50 basis points.
The divergence between gold and silver is partly because the latter is also an industrial metal. Most of the silver that is mined is usually used in the manufacturing industries. This is not the case with gold, which is mostly an investment asset. Industrial production in the United States dropped to the lowest level in decades. This means that demand for raw materials like silver declined also.
Silver price (XAGUSD) is in trouble. Its price has been in a sharp descent in the past few days and...
Silver price has been relatively boring in the past few months. Since September, the white metal has made no dramatic...
Silver price (XAGUSD) is among the best-performing metals today. It is up by 1.15% and is trading at $27.88. That...
Silver price has resumed the uptrend after Tuesday’s 15% drop which drove prices down from the 2020 highs to the...
Spot silver prices (XAG/USD) were able to inch higher this Friday, retaining the consolidation that has been the lot of...
Silver price (XAGUSD) is rising today as the market remains optimistic about stimulus, the upcoming US election, and the weaker...
Silver prices on the XAGUSD chart are lower today, despite a general fall in the US Dollar across board. The...