Silver (XAG) Daily Forecast: Strong Indian Demand and Duties Drive Prices Higher
Silver prices rise above $31.00, fueled by robust Indian festive demand and a significant reduction in import duties from 15% to 6%.
India's silver imports surged to $1.33 billion in August 2024, marking a sharp increase from $158 million during the same period in 2023.
Expectations of further U.S. Federal Reserve rate cuts by 125 basis points in 2024 boost demand for silver as a hedge against inflation.
Silver (XAG/USD) has regained positive momentum, rising above the $31.00 mark during Tuesday's Asian trading session. After a brief decline, the white metal now sits just below the $31.45 resistance level, which it hasn't reached since mid-July.(ayu)
Source: fxempire