Silver futures hovered at the $20.1 per ounce mark, tracking other bullion to edge slightly higher amid lower risk-sentiment ahead of the US inflation reading this week. Still prices remained below the one-month high of $20.3 hit earlier in the month as strong labor data from the US compounded hawkish expectations for the Fed after multiple policymakers emphasized that bringing inflation down is a priority. The US economy added nearly 530 thousand jobs during July, more than double of analysts’ expectations, while the unemployment rate unexpectedly edged lower to 3.5%. The data led markets to consider a third consecutive 75bps rate hike in the Fed’s next meeting, driving investors away from bullion and to the US dollar.
.
Historically, Silver reached an all time high of 49.51 in April of 2011. Silver - data, forecasts, historical chart - was last updated on August of 2022.
Silver is expected to trade at 19.50 USD/t. oz by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 18.39 in 12 months time.