Silver (XAG) Daily Forecast: Will Prices Rise Above $29.34 After the Decline?

When the price of gold weakens, investor interest in precious metals, including silver, often wanes, reducing demand. Since silver and gold usually move in lockstep, the decline in the price of gold directly impacts the price of silver.

Silver prices are rising rapidly as demand increases and supply becomes scarcer

Silver prices have skyrocketed this year and forecasts suggest they could climb from $30 to $100 an ounce in the coming years.

This increase has sparked a wave of new listings on the ASX as companies seek to capitalise on the booming silver market.

Silver's diverse uses, from industrial use to renewable energy, are driving its increasing value.

Global attention is growing: companies like Andean Silver are resuming operations in Chile and Sun Silver is exploring opportunities in Nevada.

Silver's importance in renewable energy, particularly solar panels, and its status as a critical mineral are driving demand.