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Home > Silver Gold News > News Detail
Silver Gold News
SunSirs: Silver Prices Rose 3.39% in One Day, Outperforming Gold
December 22 2022 13:58:54SunSirs(John)

Price trend

According to the data from SunSirs, the average early price of silver market on December 21 was 5,380.67 RMB/kg, up 3.39% daily, and 6.02% higher than the average early price of spot market at 5,065.33 RMB/kg at the beginning of the month (December 1); and an increase of 12.80% compared to the average price of spot market at the beginning of the year (January 1) that was 4,770 RMB/kg.

On December 21, the spot market price of gold was 408.25 RMB/g, up 0.93% daily, 0.86% higher than the early average price of 405.91 RMB/g in the spot market at the beginning of the month (December 1); Compared with the early average price of 372.37 RMB/kg in the spot market at the beginning of the year (January 1), the increase was 9.95%.

Reasons for the recent strength of precious metals

Recently, the monetary attribute of precious metals has been strengthened, and the overall trend of the nonferrous sector is still in the upward channel. The physical demand for silver also supports the silver price to a certain extent; On the policy side, the US dollar fell. The Bank of Japan decided to review its yield curve control policy, pushing the exchange rate of the Japanese yen against the US dollar to a four month peak. With the unsustainability of the Western central banks led by the Federal Reserve to curb inflation through radical interest rate hikes, the market expects the Federal Reserve to slow down the pace of interest rate hikes and increase the attractiveness of capital to precious metals on the policy side.

Silver performed better than gold

In the long term, the trend of precious metal prices tends to be the same, with slightly different amplitudes. Recently, silver has gained a relatively large amount.

Market outlook

At present, the obvious performance of the US economy entering recession is increasing, including the shrinking of manufacturing industry prosperity and the rising number of enterprise layoffs. The space for the Federal Reserve to raise interest rates is gradually narrowing, and the increase of interest rates depresses the price of precious metals. However, recently, the monetary attribute of precious metals has been strengthened, supporting precious metals to a certain extent. It is expected that the overall precious metal market will shocked to be stronger in the short term.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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