Industrial Demand and Fed Expectations Are Key Drivers of Silver's Rise to $42
Silver continued its upward trend on Tuesday (September 9th), approaching its highest level in decades at around USD 42 per ounce. This increase was driven by a weakening US dollar following the release of weaker-than-expected employment data, which further strengthened expectations that the Federal Reserve will cut interest rates in the near future. Furthermore, industrial demand for silver—particularly from the renewable energy, electronics, and electric vehicle sectors—remains strong, adding fundamental support to this precious metal.
Globally, silver has recorded an increase of more than 40% through 2025, making it one of the best-performing assets. In the Indian market, silver prices even reached ₹123,000 per kilogram and are expected to reach ₹135,000/kg by the end of the year. Analysts believe this bullish momentum is also reinforced by increased investor interest in safe-haven assets, amid geopolitical uncertainty and economic slowdowns in several major economies.
From a technical perspective, silver's movement trend still shows strong signs of continued upside. The moving averages are mostly bullish, while the nearest resistance is around USD 42.10, with support at USD 41.00. However, the RSI and stochastic indicators are in the high zone, suggesting a potential short-term correction. If the price breaks through the resistance level, there is ample room for upside towards USD 43 per ounce. However, failure to break through could trigger a correction below USD 41.00.
Source: Newsmaker.id
