Silver Rebounds Amid Global Metal Recovery
Solid ECN—Silver prices rose above $27 per ounce, recovering from a drop that had pushed the price to a three-month low of $26.8 on August 6th. This increase was supported by a broader recovery in precious metals as market volatility eased, reducing the need to sell bullion to meet margin calls.
The softer stance expected from the Federal Reserve also helped boost silver prices. The central bank is anticipated to cut rates by 100 basis points this year.
Additionally, the PBoC and the BoE implemented looser monetary policies. However, concerns about weak global manufacturing activity limited silver's appeal as an industrial metal. The ISM PMI declined more than expected, highlighting sluggish factory activity in the US, while China's official and Caixin PMI figures also fell short of expectations.
The softer stance expected from the Federal Reserve also helped boost silver prices. The central bank is anticipated to cut rates by 100 basis points this year.
Additionally, the PBoC and the BoE implemented looser monetary policies. However, concerns about weak global manufacturing activity limited silver's appeal as an industrial metal. The ISM PMI declined more than expected, highlighting sluggish factory activity in the US, while China's official and Caixin PMI figures also fell short of expectations.