Silver Consolidation Ahead: $68 Target in Sight
Silver prices have gained significantly in recent weeks, but they may be due for a consolidation phase. According to Praveen Singh of Mirae Asset ShareKhan, spot silver is expected to consolidate its gains after rising 12% last week.
The metal rose to $66.79 on August 11, its highest level since June 22, but has declined on profit booking since then. At the time of writing, silver was trading at $64.73, down 0.90% for the day.
Receding probability of Fed rate hikes and improving ETF flows have contributed to the rise in silver prices. The July US CPI report showed a disinflationary trend holding, with headline CPI edging lower from 3.5% in June to 3.4% in July.
The International Energy Agency has revised its Q3 oil deficit higher, but forecasts oil demand contracting by 1.6 mbpd in 2026. The US Dollar Index was flat at 99.98, and two-year yields fell to 4.14%, the lowest since July 17.