Silver Price Remains Supported, Returning Above $32

Although trailing Gold which has been making new record highs, Silver also showing strong buying pressure recently as uncertainties keep safe havens in demand. The Silver price climbed above $32 in May, which is the highest level since 2010, and after retreating in summer, XAU has climbed back above this level, which brings to attention the $32.50 level which was high from earlier this year.

As economic instability and geopolitical tensions—particularly in the Middle East and Ukraine—intensify, investors are increasingly turning to precious metals like gold and silver. The escalating conflict between Israel and Lebanon has further boosted silver’s appeal as a safe-haven asset.

Additionally, shifts in central bank policies are contributing to the rise in silver and gold prices. The US Federal Reserve cut interest rates by 50 basis points last week, while the People’s Bank of China introduced stimulus measures. So far in 2024, silver has surged roughly 35%, outperforming gold, which continues to reach record highs. Today we had the Unemployment Claims from the US which came slightly above expectations, keeping the Silver price bullish

US Unemployment Claims for Last Week

• The latest US weekly initial jobless claims came in at 225K, slightly higher than the 220K expected.
• The previous week’s figure was revised from 218K to 219K.
• The 4-week moving average of initial claims is 224.5K, slightly below the prior 224.75K.
• Continuing claims stood at 1.826M, better than the 1.832M expected.
• Last week’s continuing claims were revised down from 1.834M to 1.827M.
• The 4-week moving average of continuing claims is 1.829M, an improvement from 1.836M the previous week.

Silver Live Chart XAG