Silver hits over eight-week low as market frets about industrial demand
Prices of silver dropped to over eight-week lows on Friday as concerns about demand for the industrial precious metal dominated sentiment due to recession fears stemming from U.S. President Donald Trump's slew of tariffs.
Silver typically tends to move alongside gold, but industrial uses such as electronics and photovoltaics account for more than half of global demand, estimated at around 700.2 million troy ounces as of 2024, according to the Silver Institute industry association.
Silver is moving with industrial metals, which are also under pressure from worries about global growth and demand due to U.S. tariff and global trade tensions.
However, sustained silver purchases by ETFs should help silver keep up with gold in the near-term, barring a rapidly worsening global economic outlook, said Exinity Group's chief market analyst Han Tan.
Source: Reuters