Silver price (XAGUSD) is down by more than 1.50% as the global sell-off of key assets intensify. The metal is...
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 little changed today as traders continue to reflect on the Fed interest rate decision. The metal is...
Silver price (XAGUSD) is up by more than 0.55% as traders wait for the Federal Open Market Commission (FOMC) decision...
The silver price is consolidating with other commodities as the market awaits the next move from the U.S. dollar. Greenback weakness in July saw silver break out from under $20.00 to prices near $30.00. This move was then capped by a dollar rebound and the next move will be critical.
Silver price (XAGUSD) is little changed today as traders wait for inflation data from the United States. The metal is...
The silver price has seen a correction from the August 7th highs at $29.86. and the market moved lower to...
Silver price (XAGUSD) is shining today as traders react to supply concerns. The metal’s price is trading at $27.15, which...
Silver price (XAGUSD) is gaining today as traders react to the strong economic data from China and the US. The...
Silver price (XAGUSD) is little changed today as traders reflect on the sharp decline that happened yesterday. The metal is...
Silver price (XAGUSD) is under pressure today, a day after it moved above a key resistance level. The precious metal...