Silver Prices Hit $64.78 as Key Levels Loom

Silver prices reached $64.78 per ounce on September 25, as reported by Fortune. According to FXEmpire, the metal remains within a range shaped by elevated interest rates. This has created a headwind for silver, with Christopher Lewis of FXEmpire noting that the market is facing high interest rates while also seeing strong demand.

The current price of $64.78 is within the $63-$70 range identified by FXEmpire as key levels to watch. A move above $70 would represent a major change in the current setup, while a break below $63 could open the way toward $60. Lewis stated that silver's gains over the past year have outpaced gold, with the metal reaching decade-high territory after rallying nearly 25% last year.

The analysis suggests that scarcity of supply and growing demand from industrial applications and investors have contributed to silver's rise over the past year. However, elevated interest rates continue to create a problem for silver due to its sensitivity to rates.