Silver (SILVER) is gaining 3.5% today, reaching nearly $35.6 per ounce and hitting its highest levels since 2012. The rally is fueled by a weakening U.S. dollar, which remains under pressure. Yesterday’s ISM services data from the United States showed lower new orders, higher prices, and a relatively stable labor market.
A favorable macroeconomic climate is boosting interest in so-called safe haven assets, which is also reflected in the weaker dollar. On the other hand, rising fiscal risks in the United States are prompting more capital to diversify away from cash and bonds—supporting sentiment toward precious metals. Gold is also up today by around 0.7%, trading close to $3,400 per ounce.
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Source: xStation5
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