Silver Prices Rise Amid Safe-Haven Demand
Silver prices rose above $31 per ounce on Friday, rebounding after two consecutive days of declines, supported by increased safe-haven demand amid escalating tensions in the Russia-Ukraine conflict.
Russian President Vladimir Putin warned on Thursday that the conflict is escalating toward a global confrontation, citing Ukraine’s use of US and British-supplied weapons to target Russia.
He added that Russia had retaliated by deploying a new hypersonic medium-range ballistic missile against a Ukrainian military facility, with the possibility of further strikes.
Meanwhile, investors continued to assess the outlook for US Federal Reserve monetary policy in light of the latest economic data and central bank statements. Markets are currently pricing in a 60% chance that the Fed will cut rates by 25 basis points in December, with some traders anticipating a temporary pause.
Source: Trading Economics