
Silver Price Forecast: Silver Shows Resilience Amid Increased Buying Pressure
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October 7, 2024Recent data shows silver outperforming gold, with a 1.82% increase to $32.20, thanks to unique factors such as Chinese stimulus aimed at boosting industrial demand. While strong U.S. job data may deter aggressive Fed rate cuts, silver’s rise is fueled by industrial demand, geopolitical risks, and its safe-haven appeal. The Chinese stimulus is expected to drive silver’s industrial demand, especially in sectors like electronics and solar energy. Geopolitical uncertainties, like the Middle East tensions, continue to bolster silver as a safe-haven asset. Despite challenges like rising Treasury yields, silver’s industrial demand balances the market. While silver remains near a 12-year high, caution is advised amidst evolving Fed policy and market volatility.