Silver Analysis 8-July-2024

Silver prices dropped below $31.1 per ounce on Monday, retreating from a one-month high. This likely occurred due to a technical correction after a recent rally in precious metals led some investors to profit. Last week, silver jumped over 7% as weak US economic data increased the chances of the Federal Reserve cutting interest rates in September.

Silver Analysis 8-July-2024

Investors Await Key US Inflation Data

Now, investors are waiting for key US inflation data and new comments from Fed officials to understand the future of monetary policy better. Additionally, silver prices gained support from expectations that China will introduce more stimulus measures at the Third Plenum this month to achieve 5% growth this year.

Solar Panel Demand Drives Silver Market

Moreover, demand for silver from the solar panel sector continued to boost the market. Recently, the momentum for solar power investment was highlighted by the connection of the world’s largest solar farm in Xinjiang.