Created
: 2024.10.31
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
Silver Price Forecast: XAG/USD falls to near $33.50 despite increased safe-haven demand
World FX news
Breaking news
Silver Price Forecast: XAG/USD falls to near $33.50 despite increased safe-haven demand
New
2024.10.31 14:12
2024.10.31 14:12
2024.10.31 14:12
- Silver price may regain ground due to increased safe-haven demand amid uncertainties surrounding the US elections and geopolitical risks.
- The latest Reuters/Ipsos poll indicates that Harris holds a narrow lead at 46% compared to Trump's 43%.
- Silver prices may appreciate due to safe-haven demand amid uncertainties surrounding the geopolitical tensions in the Middle East.
Silver prices (XAG/USD) extends its losses for the second consecutive day, trading around $33.60 during the Asian hours on Thursday. However, the downside of the Silver price could be restrained amid increased demand for safe-haven assets amid uncertainties surrounding the US elections and geopolitical risks.
Former President Donald Trump has made gains among Hispanic men as the November 5 US presidential election approaches, where he will face Democratic candidate Kamala Harris. According to an analysis of Reuters/Ipsos polling, Trump is now trailing Harris by only 2%, with support at 44% compared to her 46%.
Meanwhile, Harris has seen increased support among white women. In late 2020, white women favored Trump over Biden by 12%, but now they lean Republican by a margin of 3%. The race between the two candidates is extremely close, with Harris holding a slight lead of 46% to 43% in the latest poll conducted from October 16 to 21.
Silver prices are likely to rise due to safe-haven demand as traders keep a close eye on escalating geopolitical tensions in the Middle East. This comes in the wake of Israel's military chief warning of a "very hard" strike on Iran if missile attacks continue. Lebanese Prime Minister Najib Mikati mentioned on Wednesday that US envoy Amos Hochstein indicated a possible ceasefire in the Israel-Hezbollah conflict could be achieved before the U.S. elections on November 5.
Additionally, investors are looking forward to China's parliamentary meeting scheduled for November 4-8, where announcements regarding potential stimulus measures from Beijing are anticipated. Reports indicate that China is considering a stimulus package exceeding 10 trillion Yuan to boost its economy.
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 their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply - Silver is much more abundant than Gold - and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals - more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers' demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Last updated
: 2024.10.31
Related articles
Gold price gains ground as traders brace for US NFP data
41 minutes agoGold price retreats from record highs after mixed US data
2024.11.01 07:31Gold bulls make handbrake turn after reaching milestone high
2024.10.31 21:30Silver Price Forecast: XAG/USD retreats towards the support area right above $33.00
2024.10.31 20:35Silver price today: Silver falls, according to FXStreet data
2024.10.31 18:30Silver Price Forecast: XAG/USD tests nine-day EMA near $33.50
2024.10.31 18:18
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
WTI remains above $70.00, upside potential appears due to rising Middle-East tensions
West Texas Intermediate (WTI) Oil price holds steady on Friday during Asian trading hours, around $70.20 per barrel, following gains in the previous session.
New
2024.11.01 11:53Gold price gains ground as traders brace for US NFP data
The Gold price (XAU/USD) recovers some lost ground on Friday.
New
2024.11.01 11:52Australian Dollar depreciates following PPI, China Manufacturing PMI
The Australian Dollar (AUD) edges lower against the US Dollar (USD) following two days of gains, as Australia's mixed Producer Price Index (PPI) data for the third quarter was released on Friday.
New
2024.11.01 11:31China's Caixin Manufacturing PMI jumps to 50.3 in October vs. 49.7 expected
China's Caixin Manufacturing Purchasing Managers' Index (PMI) jumped to 50.3 in October after recording 49.3 in September, the latest data showed on Friday.
New
2024.11.01 10:51Japan's Hayashi expects BoJ to work closely with the government
Japan Chief Cabinet Secretary Yoshimasa Hayashi said on Friday that he expected the Bank of Japan (BoJ) to work closely with the government to conduct appropriate monetary policy to sustainably, and stably hit its price target.
New
2024.11.01 10:39PBOC sets USD/CNY reference rate at 7.1135 vs. 7.1250 previous
The People's Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Friday at 7.1135, as compared to the previous day's fix of 7.1250 and 7.1122 Reuters estimates.
New
2024.11.01 10:18USD/JPY weakens below 152.00, US NFP data in focus
The USD/JPY pair softens to around 151.95 during the Asian trading hours on Friday.
New
2024.11.01 10:13GBP/USD holds below 1.2900 ahead of US NFP data
The GBP/USD pair remains on the defensive around 1.2895, the lowest since August 16 during the early Asian trading hours on Friday.
New
2024.11.01 09:18EUR/USD extends upside above 1.0850, with all eyes on US NFP data
The EUR/USD pair extends the rally to 1.0885 during the early Asian session on Friday.
New
2024.11.01 08:13Gold price retreats from record highs after mixed US data
Gold price retreated from all-time high on Thursday as traders failed to capitalize on falling US Treasury bond yields.
New
2024.11.01 07:31Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
