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Silver climbs to $63.32 amid strong demand
Silver prices rose by up to 3.3%, reaching approximately $63.48 per ounce, following a wave of gains targeted at precious metals. This came amid a decline in concerns over the continued rise in U.S. interest rates, a drop in oil prices, and a weakening dollar. Currently, the silver price is holding at an important resistance level within a trading range that has lasted about two months. It is believed that a breakout above this level could push the price up to $68 per ounce. Investors are closely watching the upcoming U.S. non-farm payroll report to gauge the Federal Reserve's next move, especially with the possibility of interest rate hikes in September. Meanwhile, gold has increased by more than 1%, contributing to strong weekly gains for precious metals.
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