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 TOP NEWS

Indonesia News Portal for Traders | Financial & Business Updates

13 November 2024 09:47  |

Silver fell to around $30.30 per ounce on Tuesday

Silver fell to around $30.30 per ounce on Tuesday, marking its lowest level in a month, pressured by a strong US dollar. The greenback rallied on expectations that Donald Trump’s policies could boost US growth and inflation, potentially limiting the Federal Reserve's ability to lower interest rates.

Concerns about global economic weakness also weighed on silver, with a lackluster stimulus package from China adding to market uncertainty. On Friday, China announced a 10 trillion yuan debt package to ease local government financing, but it failed to deliver the direct economic stimulus that investors had hoped for.

This dampened the outlook for industrial metals, with silver facing additional pressure due to its high demand in electrification, particularly for solar panels. Compounding the challenges, reports indicated that Chinese-owned solar panel companies had started cutting production as Trump’s election victory raised the prospect of higher tariffs on the sector.(Cay)

Source: Trading Economi

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