Silver price at the close of the session on August 27: Under pressure as USD strengthens, unpredictable prospects

Domestic silver prices

World silver price

As of 7:17 PM, world silver prices are listed around 68.13 USD/ounce, down 0.33 USD/ounce compared to the previous day.

Silver price forecast

Silver prices are under adjustment pressure after a sharp increase in recent times as the market is cautious in the face of the statement of US Federal Reserve (Fed) Chairman Kevin Warsh at the Jackson Hole conference. The strengthening USD and rising US bond yields have put precious metals, including silver, under profit-taking pressure.

US PCE inflation figures higher than forecast are reducing expectations that the Fed will soon ease monetary policy. In an environment where interest rates remain high, silver is less attractive because it is an asset that does not generate cash flow. In addition, the yield of 10-year US Treasury bonds increased to around 4.7% and the recovery of the USD is creating more pressure on silver prices.

However, the medium-term outlook for silver still receives support from factors such as industrial demand, especially in the field of renewable energy and technology production. In addition, concerns about US budget deficits, the risk of a weakening USD and geopolitical instability may still drive cash flow to the precious metal group.

Technically, silver prices are testing important support zones. If they can hold the 67.47 USD/ounce zone, the market may turn back to the 68.20 USD/ounce resistance zone. In case of surpassing this mark, silver prices are likely to extend their upward momentum to the 69.50 USD/ounce zone and further to 69.96 USD/ounce.

In the opposite direction, if selling pressure increases and silver prices break through the 67.47 USD/ounce support zone, this precious metal may continue to retreat to lower zones around 66.41 USD/ounce and 65.67 USD/ounce.