Silver Analysis 18-July-2024

Silver prices remained under $30.5 per ounce on Thursday after dropping more than 3% the day before. The decline is due to uncertainty in demand in China, the leading consumer. Investors are waiting for updates from the Third Plenum, which ends today.

Silver Analysis 18-July-2024

China is set to release information about the high-level meeting on Friday, and markets are hoping for stimulus measures to support growth. However, so far, the Third Plenum has indicated no significant changes in China’s economic strategy.

President Xi Jinping has urged the Communist Party to stay committed to his plan. In the US, the Federal Reserve is expected to make several interest rate cuts this year, which could boost global growth and demand for commodities. Analysts also believe that silver prices may rise due to an expected supply deficit in 2024, marking the fifth year of shortages.