Silver Nears All-Time High, Still Worth Pursuing?
Silver prices (XAG/USD) continued to strengthen, rising near $63.75 during Friday's Asian session. This level gives silver the potential to retest its all-time high. This rally was supported by a combination of a weakening US dollar, positive sentiment in the commodity market, and silver's new status as a US essential minerals list, attracting additional buying interest from market participants.
From a fundamental perspective, silver's prospects are boosted by growing industrial demand. Saxo Bank analysts highlighted that several key technology sectors, such as solar energy (PV), electric vehicles (EVs) and infrastructure, as well as data centers and artificial intelligence (AI), will be the main drivers of silver demand until at least 2030. Silver is needed in various electronic components and solar panels, so any expansion in these sectors automatically increases demand for this white metal.
Going forward, the combination of long-term industrial demand and a weakening US dollar could continue to fuel silver price gains. Silver's inclusion on the US list of critical minerals also signals that this metal is considered strategic for technology and energy supply chains. However, market participants should remain wary of the potential for a technical correction after a sharp rally, especially if risk-off sentiment emerges or US economic data further strengthens the dollar. (az)
Source: Newsmaker.id
