The price of silver fell by about 11% and could reach the bottom

Bloomberg – This year The However, silver was the worst performing precious metal, The the prices They may have fallen low enough for a slight rebound.

Affected by the strength of the dollar, the rise in Federal Reserve interest rates, and the slowdown in growth, Silver is down about 11%.. Senior Precious Metals Analyst at HSBC Securities, James SteelHe wrote in a note at the beginning of August that The price of the metal could change by the end of 2022, Where industrial sectors such as electronics and photovoltaics ensure consumption, and in addition, retail and jewelry demand is strong.

“We think the white metal is oversold,” Steele said. “Most Silver demand for industry will be well supported As a result, it will not be affected by the weakness of the manufacturing sector in general and, at the same time, demand by the most important consumers, China and India, will be stimulated by lower prices.

however, An increase in the price of silver will have some downsidesAs the world grapples with the removal of stimulus and a slowing economy.

While HSBC remains positive, it has lowered its forecast to Silver trace gold and copper down. The bank now sees the average rate in $22.25 an ounce by 2022 and in $23.50 for 2023. UBS Group AG expects silver Trading at $19 in early 2023.

silver ounce It was trading at $20.54 at 3pm in Londonafter, after Recovery of at least two years In mid-July.

The Silver’s path will closely follow goldthe investors must Consider buying both metals when the Federal Reserve takes a peaceful turn He said that there are large easing in monetary policy to support growth Wayne Gordonmanaging director of commodities and currencies at the global wealth management unit of the UBS Group (UBS).

“Once we reach the gold recovery stage, We think silver can really beat Gordon said.

Gold rose 0.5%, moving to $1,797.61 an ounce while the dollar was down 0.2% with traders A major report on consumer price inflation is expected in the US on Wednesday. Palladium rose while platinum declined.

Assisted by Andrea Bossi.

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