Silver Holds Above $34 as Election Uncertainty Fuels Safe-Haven Demand

Silver remained above $34 per ounce on Wednesday, close to its highest levels in 12 years.

Silver Holds Above $34 as Election Uncertainty Fuels Safe-Haven Demand

The uncertainty surrounding the upcoming US presidential election and the Federal Reserve's policy direction drove safe-haven demand for precious metals. With less than a week until the November 5 election, traders are bracing for potential market volatility as political risks resurface. Investors are also looking ahead to several key US economic indicators that could affect the Fed's plans for interest rate cuts. Additionally, attention is focused on the National People’s Congress, set for November 4-8, where announcements regarding further stimulus measures from Beijing are anticipated.

China considers over 10 trillion Yuan stimulus to boost economy

Reports indicate that China is considering a stimulus package exceeding 10 trillion yuan to revitalize its economy. Furthermore, the Chinese government’s commitment to strengthen the electric vehicle industry by improving EV charging infrastructure has positively impacted market sentiment.