Silver price is trading higher as a reaction to Chinese manufacturing data. In addition to being a precious metal, silver...
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
The Silver price has struggled to clear $30.00 in 2021. That could be about to change as XAGUSD may finally...
Silver price is under pressure from the rising Treasury yields and US dollar. On Thursday, the benchmark 10-year Treasury yields...
The silver price has done well in the past trading sessions as fears of high interest rates eased. The metal’s...
Silver price has been range-bound for close to a week as US lawmakers from the two major political divides remain...
Silver price maintained intraday gains after Fed Governor Brainard’s remarks put the US Dollar on the back foot. Falling yields...
The silver price is under pressure ahead of the latest FOMC minutes that will come out during the American session....
A late surge by silver price bulls has sent the XAG/USD pair soaring above $28 for the first time since...
Silver price is trading higher as the market digests Fed officials’ remarks regarding the ongoing inflation fears. During his speech...
Silver price is on a decline as investors digest Wednesday’s US inflation data. According to the US Bureau of Labor...