Silver Price Forecast: XAG/USD Rises to Near $60.00 Despite Inflation Fears
Silver (XAG/USD) continues its four-day rally, trading near $59.70 per troy ounce during Asian hours Wednesday, as strong market forces outweigh higher rate-hike expectations.
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Silver prices have gained for four consecutive sessions, reaching approximately $59.70 per troy ounce during Asian trading on Wednesday. The metal is approaching the $60.00 psychological level.
This upward momentum persists despite rising inflation fears and growing expectations of further interest rate hikes. Typically, higher rates pressure non-yielding assets like silver, but other powerful market forces are currently overriding this drag. The exact drivers behind the surge remain broad, but the trend suggests robust demand.
Source: FXStreet Forex News