Silver price (XAGUSD) is continuing its upward momentum today. It is up by more than 1.62% and is trading at...
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 (XAGUSD) is bouncing back today as traders continue to watch out the rising risks emerging around the world....
Silver price performed strongly in yesterday’s trading on mounting concerns about the coronavirus pandemic in the US. Here's what to expect next.
Silver price is outperforming gold today as traders rush to safe-havens as the number of coronavirus cases rise. The metal...
Silver price (XAGUSD) is soaring today as traders remain optimistic about recovery of the global economy. The price is trading...
Silver price initially weakened after the NFP report for June topped expectations. However, the commodity quickly bounced back from its losses and rallied.
Silver price (XAGUSD) started the quarter with a bang. The price rose to an intraday high of $18.43, which is the highest level since February this year. Gold, too, started the quarter in a positive note as its price reached its highest level in eight months.
Silver price erased earlier gains as traders continued to worry about the rising coronavirus cases and the weaker US dollar....
Silver price recovers some of yesterday losses today, showing that silver keeps the positive momentum alive. Cold yesterday retreated from the eight-year highs, and silver followed the move retreating from the 18 mark, down to 17.36.
Silver price (XAGUSD) declined slightly today as investors reacted to the ongoing risks about coronavirus. The metal is down by 0.30% while gold price is up by more than 1.52%. It is also a few points below its highest point since February 20. Even with the decline, the price of silver is bullish and will likely move to $19 in the next few weeks.