Silver takes profits, but the metal’s rise will resume
There was a sharp increase in silver prices over the last months of the previous year. Despite their current fall below the level of $24 per ounce and a certain slowdown in the metal’s growth, many expect it to resume.
A number of analysts highlight the fact that silver managed to show great results. It rose by about 40% after reaching a two-year low of September 2022, thereby taking solid profits at the resistance level of $24.5.
According to forecasts of commodity analysts at Commerzbank, silver prices will exceed $25 per ounce by the end of the year. The reason for the rise will be increased investor and industrial demand.
Industrial demand for silver is supported by benefits that production gets from vehicle electrification and 5G technology development. The precious metal also plays an important role in the adoption of green energy sources.
At the present time, the cost of gold is firmly entrenched at $1,900 dollars per ounce. That mark is already very close to a possible maximum predicted by analysts. That kind of dynamics is driven by noticeable dollar weakening and decrease in the yields of the U.S. government bonds.
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