Silver Price hovers around $18.00 amid bad sentiment

 

The price of silver is off to a strong start this week, up 0.30% so far. The G7 ministers have imposed a cap on the price of Russian oil, and Russia has stopped exporting gas, which is making Europe’s energy issues much worse. Real rates in the US are still more than 0.70 percent, but they are over ten basis points (bps) down from the day’s highs.

Despite low liquidity circumstances due to the fact that US markets were closed for Labor Day, the price of silver managed to claw back some lost ground on Monday, rising by more than 0.50%. In the meanwhile, the energy situation in the common union is becoming worse since Gazprom has stopped delivering gas to Europe as a form of retribution for a G7 summit that set a quota on Russian oil. As this article is being written, the XAG/USD exchange rate is now trading at $18.08, which is higher than its starting price.

As a reflection of the worsening global situation, equity markets throughout the world are trading in the red. The US employment statistics from the previous week, which included Nonfarm Payrolls above estimates, downward reviews, and an increase in the unemployment rate of 3.7%, decreased the likelihood of an aggressive Federal Reserve policy stance.

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