Silver Price Slides Toward $63 Amid Energy Supply Risks
Silver prices have been under pressure as energy supply risks persist, causing a decline towards $63 per ounce. The XAG/USD pair has slipped for two consecutive sessions due to investor caution over global energy security and its potential impact on industrial demand.
Unlike gold, silver's significant industrial uses in electronics, solar panels, and automotive components make it more sensitive to economic cycles. As a result, the ongoing energy crisis has led to higher production costs for industrial users, potentially curbing consumption of silver in key sectors.
The technical levels to watch are critical, with XAG/USD testing a support zone around $63. A break below this level could open the door to further downside toward the $60 psychological mark, while resistance is seen near $65 and $67.