Silver Rises on Geopolitical Concerns
Silver prices rose above $31.20 per ounce on Thursday, recovering from losses in the previous session as heightened geopolitical tensions boosted demand for safe-haven assets like precious metals. On Wednesday, Ukraine launched a series of UK-made missiles into Russia, following a previous strike with US-made missiles.
Additionally, the US vetoed a UN Security Council resolution calling for a ceasefire in Gaza, further escalating geopolitical uncertainties.
On the monetary policy front, Federal Reserve governors Michelle Bowman and Lisa Cook offered conflicting views on inflation and the future path for interest rate cuts in separate statements on Wednesday.
In China, the PBOC kept key lending rates unchanged this week, as expected, offering no new signals that could affect demand in the world’s largest consumer of metals.
Source: Trading Economics