Silver Prices Rise on Weaker Dollar and Slowing Rate Hike Expectations
The value of silver has increased by 2.9% to $67.26 per ounce, driven in part by a weaker US dollar.
This move upward is also attributed to traders scaling back their expectations for a September rate hike following Federal Reserve Governor Christopher Waller's comments that recent inflation progress could justify keeping rates steady.
Closely tied to the price of silver are shares of miners, which have seen gains across various companies. Hecla Mining rose 1.6%, while Coeur Mining saw an increase of around 1%. Canadian miners Endeavour Silver and Silvercorp Metals were also up by 3% and 1%, respectively.
The performance of silver ETFs has mirrored the metal's price growth, with Abrdn Physical Silver Shares ETF rising 2.8% and iShares Silver Trust ETF gaining 3%.