Silver Soars Above $63 as Solar Demand Concerns Loom
Silver prices jumped over 10% this week to $63.9, the highest since late June, but Commerzbank’s Carsten Fritsch warns of potential headwinds from the solar industry.
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Silver rallied sharply this week, gaining more than 10% to reach $63.9 per troy ounce, its strongest level since late June. The surge also pushed the gold/silver ratio below a key threshold.
According to Commerzbank analyst Carsten Fritsch, the move reflects robust investor interest, but he cautioned that demand from the solar sector could face challenges ahead. Solar has been a significant source of industrial demand for silver.
The note did not elaborate on specific obstacles, but the warning adds a note of caution to the metal’s recent strength.
Source: FXStreet Forex News