Silver prices climbed above $31.20 per ounce on Thursday, recovering from the previous session's losses as rising geopolitical tensions increased demand for safe-haven assets like precious metals.
Silver rises on geopolitical concerns
On Wednesday, Ukraine launched a series of UK-made missiles into Russia, following an earlier strike with US-made missiles. Meanwhile, the US vetoed a UN Security Council resolution calling for a Gaza ceasefire, escalating geopolitical uncertainties. On the monetary policy front, Federal Reserve governors Michelle Bowman and Lisa Cook expressed differing views on inflation and the future path of interest rate cuts in separate statements on Wednesday.
PBoC kept key lending rates unchanged
In China, the PBoC kept key lending rates unchanged this week, as expected, providing no new indications that could impact demand in the world’s largest consumer of metals.
