Silver increased past $27.5 per ounce, supported by muted greenback, as investors assessed the mixed economic data from the US and its impact on the Fed's monetary path. The US GDP grew by 1.6% in Q1 of 2024, less than anticipated, but the consumer prices increased by 3.4%, well above the 1.8% gain in the previous quarter. Simultaneously, the weekly jobless claims fell to over two month lows, indicating tight labor market. The chances of the Fed cutting its interest rate cuts have now been reduced, denting the appeal of non-yielding assets. However, higher cost pressures underpinned silver as a hedge against inflation. Traders will now look to March PCE reading on Friday, to gain more cues about the prices trajectory.
Silver increased 3.90 USD/t. oz or 16.41% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Silver reached an all time high of 49.51 in April of 2011. Silver - data, forecasts, historical chart - was last updated on April 26 of 2024.
Silver increased 3.90 USD/t. oz or 16.41% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Silver is expected to trade at 29.18 USD/t. oz by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 30.97 in 12 months time.