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Silver hits record high at $64.3 – Commerzbank
Key Takeaways (30s Read)
Silver prices hit a record high of $64.3 per ounce, according to Commerzbank.
Silver has been soaring in price, recently hitting a new record high of $64.3 per ounce. According to Carsten Fritsch, a commodity analyst at Commerzbank, this rise is influenced by increasing demand and supply constraints. Investors are now preferring silver as an inflation hedge, driving the market upward. Over the past few weeks, silver has shown a strong upward trend supported by technical indicators. The impact of this record high on future price movements is being closely watched. While sustained demand is expected, attention must also be paid to potential price volatility.
AI Analyst
AI Opinion
"The recent surge in silver prices is primarily driven by increasing investor interest in it as an inflation hedge. Supply constraints in the commodity market are also contributing to this rise. Future price movements will largely depend on these factors, but traders should remain cautious about potential volatility at these high levels. There is a likelihood of profit-taking occurring, and overall risk-off sentiment could also play a role. Traders need to monitor price actions closely and identify appropriate entry and exit points to navigate this market effectively."
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