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Weekly Silver Review: COMEX futures hit three week high after breaking above $30 per ounce
11-Jan-2025 15:04
COMEX Silver surged past $30 per ounce, hitting a three-week high as bullion counters saw good gains over last few days. Adding to silver's rally, China's pledge for proactive economic policies and interest rate cuts fueled optimism in the world's top silver market. Silver prices fell near $29 per ounce, hitting the lowest level since September before this rebound. The metal was pressured by hawkish Fed policies and weakening industrial demand. The FOMC's projection of fewer rate cuts in 2025 discouraged interest in non-yielding assets like silver. Despite these headwinds, silver prices gained 23% in the year 2024, supported by earlier Fed rate cuts and a robust performance in the bullion market. However, silver sharply underperformed gold, which saw stronger gains due to its safe-haven appeal and lower dependency on industrial demand. The divergence highlights silver's dual role as both a precious and industrial metal, with the latter segment facing challenges. Overcapacity in China's solar panel industry led to regulatory measures, further limiting demand for silver in its top industrial sector. However, the latest spike seems to be yet again firming up the trajectory on the higher for the metal as it has zoomed up nearly 7% in the New Year so far.

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