XAG/USD moves below $29.00 near three-month lows
The post XAG/USD moves below $29.00 near three-month lows appeared on BitcoinEthereumNews.com.
Silver hovers near a three-month low at $28.74, which was recorded in the previous session. A non-yielding Silver struggles as central banks emphasize the need for caution regarding additional rate cuts. The demand concerns for Silver metal increase due to potential tariffs from the upcoming Trump administration. Silver price (XAG/USD) continues its losing streak that began on December 12, trading around $28.90 per troy ounce during the Asian session on Friday. The price of the grey metal reached a fresh three-month low at $28.74 in the previous session. The non-yielding assets like Silver receive downward pressure as central banks emphasize the need for caution regarding additional rate cuts. Fed Chair Jerome Powell emphasized the need for caution regarding additional rate cuts, noting that inflation is likely to remain persistently above the central bank’s 2% target. Moreover, the Bank of Japan (BoJ) maintained its ultra-low interest rates on Thursday as President-elect Donald Trump’s tariff threats loomed over Japan’s export-driven economy. Meanwhile, the Bank of England (BoE) kept interest rates unchanged, with policymakers divided on the appropriate response to the country’s slowing economic growth. On Friday, the People’s Bank of China (PBoC) decided to keep its Loan Prime Rates (LPRs) unchanged. Concerns about potential tariffs from the upcoming Trump administration have heightened worries about weak demand for Silver as an industrial input, causing the metal to underperform in the fourth quarter. Additionally, Silver prices face challenges due to the constrained industrial outlook, driven by overcapacity in China’s solar panel industry, which has led photovoltaic companies to join a government self-discipline program to regulate supply. Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify…
