Silver price (XAG/USD) bounces back above $31.00 in Thursday’s North American session after a sharp nosedive move on Wednesday.
Silver price recovers slightly after a bloodbath on Wednesday with Fed policy on the horizon. The Fed is expected to cut interest rates by 25 bps to 4.50%-4.75%. Silver price sees key support near $29.00 if it weakens further. Silver price bounces back above $31.00 in Thursday’s North American session after a sharp nosedive move on Wednesday. The white metal stays vigilant with investors focusing on the Fed eral Reserve’s monetary policy decision, which will be announced at 19:00 GMT.
Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Which factors influence Silver prices? Silver prices can move due to a wide range of factors.
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