LONDON (IT BOLTWISE) – Silver prices have hit a record high as demand from the tech industry increases and a Federal Reserve interest rate cut is expected. Silver surpassed $60 an ounce for the first time, driven by increased demand in the production of electric vehicles and solar panels. At the same time, the US dollar is weakening, prompting investors to invest in safe-haven assets like silver.
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The price of silver recently hit a record high, driven by a combination of economic factors and technological demand. The US Federal Reserve is planning to cut interest rates, which traditionally leads investors to shift their capital into precious metals such as silver and gold. These metals are considered safe havens during times of economic uncertainty, especially when the US dollar loses value.
Another key factor behind the rise in silver prices is increasing demand from the technology industry. Silver is used in the manufacture of electric vehicles and solar panels due to its excellent electrical conductivity. These industries are currently experiencing strong growth, further fueling demand for silver. Experts point out that silver production cannot be increased quickly because it is often a byproduct of the extraction of other metals such as copper and gold.
The uncertainties in global trade policy, particularly the tariffs threatened by the USA, are also contributing to price increases. Manufacturers are trying to hedge against potential shortages by stocking up on silver. These measures lead to a further increase in prices on global markets.
Analysts expect silver prices to remain high in the coming months as underlying economic and technological factors persist. The combination of a weaker US currency, expansionary monetary policy and robust demand from the technology industry could continue to support the silver market.
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