The Silver price suffered huge losses as soon as the market opened on Sunday. However, XAGUSD is attempting to recover....
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 prices fell more than 3.5% on Friday, after strong Non-Farm Payrolls data put the non-yielding white metal on the...
Silver prices appear to have shaken off the disappointing data around manufacturing activity, brought on by the emergence of the...
Silver price is trading within a tight range for the second session in a row. On the one hand, the...
Silver price is on a rebound as a risk-off mood remains a key driver in financial markets. Interestingly, the decline...
The Silver price finished last week, nudging against a major support level. So could XAGUSD be on the cusp of...
Silver price has extended its gains from the previous session after the better-than-expected industrial production numbers from China. Earlier on...
Silver price is trading sideways as investors focus on the US CPI data scheduled for release later in the day....
Silver price is on a bearish consolidation pattern as all eyes now focus on the US nonfarm payrolls data scheduled...
Silver price remains range-bound at the start of the NFP data week. On Friday, the US Bureau of Labor Statistics...