The momentum of silver price (XAGUSD) has waned. The metal is down for the past three consecutive days and 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
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Silver price (XAGUSD) is down for the second straight day as the unstoppable rally pauses ahead of the Fed rate...
Silver price (XAGUSD) wobbled today as investors refocus on the Fed meeting that will start today and the relatively stronger...
Silver price (XAGUSD) rally seems unstoppable. The metal is trading at $24.07, which is the highest it has been since...
Silver price (XAGUSD) spiked to a seven-year high of $23.20 yesterday as traders reacted to positive sentiments from analysts. A...
Silver price (XAGUSD) impressive rally is just starting, according to analysts from Saxo Bank and Commerzbank. This is despite the...
US Dollar depreciation and technical buying are causing a silver price surge. Sign up to find out more.
Gold to silver ratio trades to the lowest level since September 24, 2019, as the rally in silver prices, hit six-year highs. Silver managed to outperform gold in the last two weeks as the reopening of the economies
Silver price (XAGUSD) rally is accelerating. A day after it crossed $20 per ounce, the price has gained by more...