The silver price is in a tight range as traders wait for the outcome of Joe Biden’s $1.9 trillion stimulus...
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
Spot silver prices were a tad higher in Monday’s London session as bond yields pulled back. However, a bounceback in...
The silver price has been in a tight range in the past few weeks. The is trading at $27, which...
Spot silver prices (XAG/USD) are trading lower as a result of a renewed surge in US bond yields. The pickup...
Spot silver prices (XAG/USD) is trading higher on the day but continues to remain within a defined range, even as...
Silver price is in a tight range as investors start pricing in the upcoming stimulus package from the United States....
A surge in bond yields has led to silver price retreating from intraday highs of 27.952. The small gains posted...
Silver price is in its third straight day of gains, helped by a relatively weak US dollar. The metal is...
Silver price (XAG/USD) had a massive surge towards $30 on Monday following the coordinated push by retail investors. Just as...
Silver price has been under pressure in the past two days. The metal is trading at $26.70, which is 10%...