Silver climbed toward $34 per ounce on Monday, scaling its highest levels in nearly 12 years as US election jitters, escalating Middle East tensions and bets on further monetary easing drove safe-haven demand for precious metals.
Silver grows toward $34 per ounce on Monday
Expectations of stronger silver demand amid the global shift toward cleaner energy also supported prices, as silver is a major industrial component used in solar panels.
PBoC move impact on silver
Moreover, China’s central bank reduced benchmark lending rates to record lows, boosting the economic outlook in the world’s top metals consumer. The People’s Bank of China lowered its one- and five-year loan prime rates by 25 basis points to 3.1% and 3.6%, respectively. On Friday, the PBOC also moved to support China’s equity market and announced that it could lower banks’ reserve requirements again before the year ends.
