In Friday’s session, silver price is up by 0.07% at 25.0755. This is after the decline to $24.40 on Thursday....
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 (XAG/USD) continued the projected price move following today’s selloff, which is occurring as the greenback continues to gather...
Silver price is still struggling to get past $26. Its struggles are similar to gold, which has been finding resistance...
Silver price (XAG/USD) was hit with some strong selling after the fall in the Turkish Lira sparked a risk-averse environment...
Spot silver prices (XAG/USD) were able to inch higher this Friday, retaining the consolidation that has been the lot of...
Spot silver prices have dropped below the $26 mark amid a lack of market fundamentals supporting the upside. Indeed, silver...
Silver prices remain on a consolidation pattern for the second session as investors await the US retail sales data later...
Silver price, also known as the devil’s metal, has been under pressure in the past few months. After soaring to...
Silver price is under pressure ahead of the latest US Consumer Price Index (CPI) data. It has declined by more...
Silver prices on the XAG/USD pair are plunging, as are other commodities, as the intraday strengthening of the US Dollar...