Silver price showed strength in last week’s sell-off as gold price fell more than silver. However, after a breakdown below...
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) surged on Friday after the Dollar Strength Index took a small breather. The precious metal plunged 4.5%...
Silver (XAG/USD) price appears to show some recovery after a brief pullback in the Dollar Strength Index. The precious metal...
Silver (XAG/USD) price is testing the 200 MA for support. The price of the precious metal made a lower high...
Silver (XAG/USD) price continues to follow a downward trend. Yesterday, the safe-haven asset bounced off from the key support level...
Silver (XAG/USD) price has been in a downward spiral lately. On Friday, the precious metal went down by 5.2% from...
Silver (XAG/USD) price has been in a downtrend since last week. The precious metal slid to its lowest level in...
Silver (XAG/USD) price is on the rise once again due to the weakness in US dollar. Silver and Gold prices...
Silver (XAG/USD) price has been sideways for the past few days. There hasn’t been any significant price action since I...
Silver (XAG/USD) price is bouncing after a huge sell-off in June 2023. The gold price has also been consolidating for...