Silver Tests 3-Week High
Silver prices rose past $33.1 per ounce on Wednesday, testing the highest level in three weeks amid a pullback for the dollar and evidence of ample industrial buying.
The greenback came under pressure despite the fresh increase for long-dated Treasury yields, reflecting lingering doubts on the exceptionalism of US assets and aligning with the recent influx into precious metals for safety.
Demand for safety was also underpinned by reports that Israel is considering striking Iran, extending geopolitical tensions in the region. In the meantime, higher investments in solar panels, the main industrial use for silver, also maintained buying from factories.
New data showed that China's wind and solar capacity rose to nearly 1,500 GW in the first quarter of the year due to a 60GW jump in photovoltaic power. In turn, solar power output in Europe surged by 30% annually in the first quarter.
Source: Trading Economics