Thursday saw a little lift in silver costs (XAG/USD), bouncing back from a two-day slide to hover around $48.70 an ounce during Asian business hours. Investors became more hesitant as the data on US inflation for September is going to be released tomorrow on Friday. Consequently, demand for silver—often seen as a secure investment—rose alongside worries about what’s happening worldwide.
Because the US government is currently closed due to shutdown, key financial data—like the data of new jobs via Nonfarm Payrolls (NFP)—is coming out late, leaving markets on edge. Consequently, people are now putting money into steadier investments such as silver or gold. Silver’s rise also stems from the widespread belief the Fed will lower rates come October 29th—a quarter percent drop is anticipated by most experts, like the 115 of 117 polled by Reuters. Consequently, this generally encourages investment in metals such as silver since they don’t offer interest.
Silver hit its all-time high of $54.86 earlier this week. It did, however, decline a little when some investors cashed in, which occurred as hopeful rumors of US-China trade talks were circulating. According to reports, Presidents Trump and Xi will soon meet in South Korea with the goal of resolving trade issues as well as issues like energy supplies and more.
Silver continues to gain from its reputation as a safe investment, even though market sentiment has improved. Additionally, projections indicate that U.S. interest rates will drop.
