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.