Silver Held Advance to Around $34
Silver held its recent advance to around $34 per ounce on Tuesday, hovering at its highest levels in almost 12 years as uncertainties around the US election, simmering Middle East tensions and bets on further monetary easing drove safe-haven demand for precious metals.
Expectations of stronger industrial demand for silver, which is a major component used in solar panels, as the world shifts toward cleaner energy also boosted prices. Moreover, top metals consumer China recently introduced a series of stimulus measures to revive economic growth.
Earlier this week, the People’s Bank of China lowered its one- and five-year loan prime rates by 25 basis points to 3.1% and 3.6%, respectively. On Friday, the PBOC also moved to support China’s equity market and announced that it could lower banks’ reserve requirements again before the year ends.
Source: Trading Economics