Silver Prices Decline By 2% In Local Markets Over The Past Week

Silver prices in local markets fell by 2% during last week's trading, with the global ounce declining by 3.2%. This was affected by declining bets on near-term interest rate cuts following the release of strong US jobs data.

Silver prices in local markets fell by one pound during last week's trading. The price of 800-karat silver opened at 48.75 pounds and closed at 47.75 pounds. Meanwhile, the price of an ounce rose on the global exchange by $1.04, opening at $33 and closing at $31.96.

The price of 999-karat silver per gram reached 59 pounds, while the price of 925-karat silver per gram reached 54.50 pounds, while the silver pound (925-karat) reached 436 pounds. Silver prices declined in local markets due to a decline in the ounce price on the global stock exchange, but increased demand in local markets limited losses.

Silver is currently experiencing high demand, driven by changing consumer behavior and a desire for products and vessels that meet hedging and savings needs.

The rise in gold prices and the decline in citizens' purchasing power have led to a surge in demand for silver, particularly with companies offering silver bars of various weights that match their purchasing power and are easy to convert into cash upon resale.

The report explained that silver prices on global stock exchanges declined due to the strength of the dollar, amid easing trade tensions and signs of a potential agreement between the United States and China. This has reduced investor concerns about the repercussions of tariffs and enhanced stability in global markets.

The strong US jobs data released last Friday also reduced expectations of a near-term interest rate cut by the Federal Reserve, due to the continued flexibility of the labor market. The US Federal Reserve is expected to postpone monetary policy easing until July, putting pressure on non-yielding assets like silver. The US economy added 177,000 jobs, exceeding expectations, while the unemployment rate held steady at 4.2%. Hourly wages rose 3.8% year-over-year.

The Chinese Ministry of Commerce confirmed that the United States has reached out to resume tariff talks, while Beijing stated that its door remains open. However, China also made clear that achieving tangible progress requires Washington to remove the current unilateral tariffs—currently at 145%, with China imposing retaliatory tariffs of 125%.

In a related development, markets are awaiting the US Federal Reserve's monetary policy decision next Wednesday regarding the fate of interest rates. The Bank of England's monetary policy decision, along with weekly unemployment claims, will also be released in US markets next Thursday.