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Silver price pulls back from record high as safe-haven demand wanes
Key Takeaways (30s Read)
Silver prices pull back from record highs as safe-haven demand declines, leading to profit-taking.
Silver is currently trading at $91.70 per ounce during the analysis. This marks a 1.70% decline on the day, having reached a new high near $94 earlier. The correction is attributed to waning safe-haven demand and profit-taking among traders looking to secure short-term gains. While silver broke past record levels previously, the outlook may involve technical adjustments based on the reduction in buying interest.
AI Analyst
AI Opinion
"The silver market is currently facing a short-term adjustment phase due to recent overheating and declining safe-haven demand. With prices surpassing $93, many traders are selling to secure profits, reflecting excessive expectations in the market. This could lead to pressure on supply-demand balance. Future market movements will likely be influenced by U.S. economic data releases and geopolitical risks, particularly whether safe-haven demand returns."
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