Silver prices fell below $30 per ounce on Thursday, reaching 11-week lows as demand for the metal's safe-haven appeal diminished and its industrial outlook weakened.
Silver prices fall below $30
The recent ceasefire between Israel and Hezbollah, brokered by the US and France, eased geopolitical tensions, reducing silver’s attractiveness as a risk-off asset. Additionally, expectations that the US Federal Reserve may take a more cautious approach to interest rate cuts put further pressure on silver prices.
Economic uncertainties in China
Economic uncertainties in China, the world’s largest silver consumer, along with concerns that US President-elect Trump’s policies could negatively affect the renewable energy sector, also contributed to the bearish sentiment. As silver is crucial in solar panel production, any disruption in China’s renewable energy market added further downward pressure on prices.
