Spot silver hovered around $25 per ounce, its highest level in over a month, as investors digested softer-than-expected US data and cheered support measures from the Chinese government. The metal was also underpinned by a weaker dollar and lower US Treasure yield amid rising hopes for a pause in the interest rate hikes. The latest GDP report from the US showed the country's economy expanded less than initially projected in the second quarter, while ADP and the JOLTs releases suggested further cooling in the labor market. However, price pressures receded slower in Germany and inflation picked up in Spain, leaving the room open for more tightening from the ECB. Market's attention now shifts to the US PCE price index on Thursday and the US non-farm payroll report on Friday to gauge the potential trajectory of interest rates.
Historically, Silver reached an all time high of 49.51 in April of 2011. Silver - data, forecasts, historical chart - was last updated on August of 2023.
Silver is expected to trade at 24.79 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 26.66 in 12 months time.