Silver Holds Near 12-Year Highs
Silver remained above $34 per ounce on Wednesday, hovering near its highest levels in 12 years as uncertainty surrounding the upcoming US presidential election and the Federal Reserve's policy direction fueled safe-haven demand for precious metals.
With less than a week to go before the November 5 election, traders are preparing for potential market volatility as political risks reemerge. Investors are also anticipating a series of crucial US economic indicators that could impact the Fed’s plans for rate cuts. Additionally, all eyes are on the National People’s Congress, scheduled for November 4-8, where potential announcements regarding further stimulus measures from Beijing are expected. Reports suggest that China is contemplating a stimulus package exceeding 10 trillion yuan to revitalize its economy.
Furthermore, the Chinese government’s commitment to bolster the electric vehicle industry through enhanced EV charging infrastructure has positively influenced market sentiment.
Source: Trading Economics