Silver Prices Drop for Fourth Straight Session
Silver prices fell to around $31.60 an ounce on Wednesday (26/2), marking a fourth straight session of declines amid strong demand and supply uncertainty. Profit-taking also weighed on silver prices, although the metal is still up about 10% this year. Hecla Mining Company, the largest U.S. silver producer, reported a 13% increase in silver production for 2024, mining 16.2 million ounces per ton, the second-highest production level in its 134-year history.
On the demand side, purchases of U.S. silver coins fell 27% year-on-year in January to $3.50 per ton, the lowest January demand since 2018. Meanwhile, weak U.S. economic data fueled expectations for further interest rate cuts from the Federal Reserve, providing little support for the precious metal. Investors are also keeping an eye on trade developments after President Donald Trump ordered an investigation into potential tariffs on copper imports to boost U.S. metal production.
Source: Trading Economics
