Silver prices fell to below $23.5 per ounce, retreating from the three-week high of $23.9 touched on June 1st as markets reassessed the outlook for monetary policy by the Federal Reserve. Recent speeches from Fed officials indicated some favor for a skip in the central bank’s tightening for the June meeting, but a stronger-than-expected payroll report drove investors to pile bets of a 25bps hike in July. Consequently, traders reduced positions for non-interest-bearing assets, such as precious metals. In the meantime, a batch of weak corporate earnings for solar panel companies drove equity indices for the sector to remain 40% below peaks from 2021, pointing to lower demand for the technology’s key input metal.
Historically, Silver reached an all time high of 49.51 in April of 2011. Silver – data, forecasts, historical chart – was last updated on June of 2023.
Silver is expected to trade at 24.19 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 26.05 in 12 months time.
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