Silver Gains On Safe Haven Demand

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Silver Gains On Safe Haven Demand

Silver (Xag/Usd) Up By 0.79% On Safe Haven Demand

Silver (XAG/USD) prices showed a nice uptrend on Tuesday and are trading near $31.01 / ounce for now. When compared with Monday's price of $30.77, the precious metal is almost up by 0.79% for the day.

And if we look at the Silver performance since the start of the year 2024, the prices are up by 30.31%, and 5-6 more months left to go. So if we say that the Silver has made some impressive gains this year, then it wouldn't be wrong at all.

Gold/Silver Ratio Goes Down To 76.16

There's no other currency in the FX market that has such impressive numbers to show! That's why it is safe to say that Silver is in a league of its own and is likely to turn even higher once the central banks start lowering the borrowing rate.

The price of 1 troy ounce of Silver is around $31.77 as of right now while the price of 1g Silver is around $1.00. If we look at the Gold/Silver ratio, it shows a reading of 76.16 while Monday's reading was 76.68. So overall, a decline was seen in the value of the Gold/Silver ratio.

Just like Gold, Silver metal also belongs to the category of precious metals and is among the most traded instruments. On the one hand, it is used as a store of value and protects the investors from inflation & other risks. On the other hand, it is also used to diversify the portfolio and even as a hedge against risks.

The price of the Silver is also closely tied to the US economic policies and the monetary policy. If the Fed Powell gives any hints about the number and timing of rate cuts in 2024, it could allow the Silver to truly shine once again.

Metals such as Silver and Gold aren't performing according to their true potential due to higher rates around the world. Once this hindrance is gone, more upsides will be found in silver and gold.

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