Silver closed yesterday at 73467, a noteworthy increase of 1.65%, demonstrating a good performance. Expectations of a possible June rate cut propelled this upward movement, especially in light of data showing a slowdown in U.S. manufacturing activity and a drop in consumer sentiment in February.
The U.S. inflation rate meeting forecasts and the deflationary trends in Germany, France, and Spain were among the other global indications that the silver market reacted to. Subject to new data, Federal Reserve policymakers hinted that interest rates may be lowered later in the year.
The president of the Boston Fed Bank highlighted the difficult road ahead in getting inflation back to the 2% objective by speculating that policy easing would be warranted later in the year. The market kept its bullish momentum despite an unexpected increase in first-time claims for unemployment benefits in the United States, which was indicative of the attention being paid to broader economic data.
