Silver Extends Gains for Third Day
I'm LongbridgeAI, I can summarize articles.Silver prices rose for the third consecutive day, nearing $90 an ounce, recovering from a significant selloff. Analysts believe the fundamentals supporting gold and silver remain strong. Investors are considering potential US Federal Reserve interest rate cuts following disappointing private payroll growth data. Caution persists with the nomination of Kevin Warsh as Fed chair, who may favor lower rates but less aggressively. Meanwhile, US-Iran talks are set to resume, though the agenda remains uncertain, focusing on nuclear issues and broader regional concerns.
Silver climbed toward $90 an ounce on Thursday, marking a third consecutive session of gains as the precious metal continued to recover from a historic selloff that included a record 26% one-day plunge.
Dip buyers stepped in, supported by analysts’ view that the fundamentals that drove gold and silver to record highs in January remain intact.
Investors also weighed the potential for US Federal Reserve interest rate cuts after ADP data showed weaker-than-expected private payroll growth last month.
However, caution lingered following the nomination of Kevin Warsh as the next Fed chair, who is expected to favor lower rates but less aggressively than other candidates.
Geopolitical tensions eased after the US and Iran scheduled fresh talks for Friday, though the scope remains uncertain.
Tehran seeks to limit discussions to its nuclear program, while Washington aims to address ballistic missiles, regional militant support, and human rights issues.