Silver is sharply lower today after the FOMC decision which cut interest rates, but has left traders divided over whether...
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 has extended its gains from the previous session after the better-than-expected industrial production numbers from China. Earlier on...
The Silver price has struggled to clear $30.00 in 2021. That could be about to change as XAGUSD may finally...
XAGUSD: Silver Prices price retreat today from three-month highs, giving up 0.06% at $18.11 as traders digest the latest developments...
Spot silver price was able to reverse the intraday losses to gain some ground deep in the New York session,...
Silver price (XAGUSD) rose on Tuesday as the rebound from recent lows continues supported by monetary and fiscal measures from...
Silver price (XAGUSD) has been relatively boring in the past few days. The price has continued to move in a...
Silver price (XAGUSD) is rising today as the market remains optimistic about stimulus, the upcoming US election, and the weaker...
Silver price crawled back on Monday morning as the overall market sentiment improved. XAG/USD is trading at $21.33, which is...
The Silver price has retreated slightly in a slow trading day. It is trading at $26.40, which is slightly below...