Silver Analysis – 28-June-2024

Silver prices steadied around $29 per ounce on Friday. Despite this, they are still set for their first monthly drop in four months. Concerns about US Federal Reserve interest rate cuts and weaker industrial demand are affecting the metal.

Silver Analysis - 28-June-2024

Silver Analysis – 28-June-2024

Silver Prices Rise Despite Fed’s Rate Stance

On Thursday, Fed Governor Michelle Bowman said that she does not support a rate cut because inflation is still high. However, silver prices got some support late in the week due to weak US economic data, keeping hopes alive for Fed policy easing.

US PCE Data Sparks Investor Anticipation

Investors are now waiting for US PCE inflation data later on Friday for more insight into price trends. Additionally, they are looking forward to manufacturing activity data from China, the largest consumer of silver, next week to assess the country’s economic health. So far, recent financial reports from China have disappointed markets, and authorities have not impressed investors with new stimulus measures.

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