Silver Price Forecast: XAG/USD surge as investors seek safety amidst risk-off sentiment Silver XAGUSD Metals
Mixed US economic data, and higher US Treasury bond yields, could not dent demand for Silver.price rises sharply late in the New York session, up 0.34% due to overall US Dollar weakness, amidst a risk-off impulse in the financial markets. Investors seeking safety moved funds toward the precious metals segment. At the time of typing, the XAG/USD is trading at $23.30 after hitting a low of $22.83.Wall Street’s shifted gears as it approaches Tuesday’s close.
Data-wise, the US economic docket featured the Conference Board Consumer Confidence for March, which rose to 104.2 from 103.4 in February. “Driven by an uptick in expectations, consumer confidence improved somewhat in March but remains below the average level seen in 2022,” said Ataman Ozyildirim, senior director of economics at the Conference Board.
Early data revealed that before Wall Street opened, the House Price Index climbed 0.2% MoM in January vs. a fall of 0.6% estimated, data from the US Federal Housing Finance Agency showed on Tuesday. At the same time, the S&P/Case-Shiller Home Price Index arrived at 2.5% YoY in January, down from 4.6% in the prior month., which tracks the buck’s value vs. six currencies, extended its losses for two straight days, falling to three-day lows at 102.407, down 0.42%.
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