Silver price erased earlier gains as traders continued to worry about the rising coronavirus cases and the weaker US dollar....
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 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.
Silver price is up by more than 1.10% today as investors react to a bullish call by Goldman Sachs on Friday. The metal is trading at $17.92 while gold price is trading at $1,762, which is close to its highest level since 2012.
Friday has presented an uptick in silver prices, as the asset followed gold upwards following a rise in the forward...
Silver prices staged a false breakdown of the triangle yesterday, but upside remains capped. Sign up to find out the direction of silver prices.
Silver price diverged with that of gold as investors reflected on the Federal Reserve interest rate decision. The price of...
Silver price action is trending upwards on the XAGUSD pair. Sign up to find out how the pair could react to the FOMC statement today.
Silver price bounced back today as investors waited for the Fed interest rates decision on Wednesday. The price is also...
Silver price is down for the second straight day, reversing some of the gains that were made a month ago when it rallied by more than 24%. Similarly, gold, its richer cousin, has also declined in the past two days.