Silver rises to near $31.00 amid dovish signals from central banks

Thursday, 30 January 2025 11:06 WIB | SILVER |SILVER

Silver price (XAG/USD) extends its winning streak for the third consecutive session, trading around $30.90 per troy ounce during Asian trading hours on Thursday.

The precious metal holds its gains amid dovish signals from major central banks.

The Bank of Canada (BoC) has ended its quantitative tightening and joined Sweden's Riksbank in delivering a rate cut.

Meanwhile, the European Central Bank (ECB) is also expected to lower rates this week, while the Reserve Bank of India (RBI) and the People's Bank of China (PBoC) have signaled potential rate cuts ahead.

In the United States (US), the Federal Reserve (Fed) kept its benchmark interest rate steady at 4.25%-4.50% during its January meeting on Wednesday, as widely anticipated.

This follows three consecutive rate cuts since September 2024, totaling a full percentage point.

Source: FXStreet

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