Silver (XAG/USD) price is on the rise once again due to the weakness in US dollar. Silver and Gold prices...
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 (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...
Silver (XAG/USD) price has remained very volatile this year. The price of the precious metal had almost a 9% surge...
Silver (XAG/USD) price has experienced a very sharp correction in May. The price of the precious metal has faced an...
Silver (XAG/USD) price appears to be consolidating after a sharp decline in the past two weeks. The precious metal tanked...
Silver (XAG/USD) price tanked really hard last week after a major upthrust. The negative price action occurred after a rejection...
Silver (XAG/USD) price appears to be in a correction after making fresh yearly highs last week. Gold and Silver both...
Silver (XAG/USD) price appears to be gaining strength once again after having a pullback. After a 15.3% price surge in...
Silver price (XAG/USD) has behaved precisely as I mentioned in my last forecast. The price retraced from the $26 level...