Silver price is trading sideways as investors focus on the US CPI data scheduled for release later in the day....
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 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...
Silver price remains on a bearish consolidation pattern as the US bond yields maintain a prolonged bullish consolidation formation. Notably,...
Following the hammer blow that the FOMC delivered to USD sellers yesterday, silver prices plummeted yet again, losing nearly 2.62%...
Silver price is trading lower ahead of the Fed interest rate decision scheduled for Wednesday. On the one hand, investors...
Silver price is on a decline ahead of the US inflation data. Economists expect consumer prices to have risen by...
Silver price is trading lower as investors digest Janet Yellen’s comments regarding President Biden’s spending proposal and inflation. According to...
Silver price is on a rebound after the better-than-expected US jobs data triggered a plunge to $27.04. According to the...
The U.S. Dollar picked up strength on Thursday after a double dose of stellar employment data hit the markets. Data...