Spot Silver prices traded near $32 per ounce on Tuesday, staying close to one-month highs as Chinese policymakers unveiled plans for additional economic stimulus, boosting the demand outlook in the world’s top metals consumer.
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The Politburo announced that China would adopt a “moderately loose” stance on monetary policy and a “more proactive” approach to fiscal stimulus next year, signaling a shift from the more cautious rhetoric of the previous decade.
Cut Interest Rates
Silver, along with other precious metals, also benefited from growing expectations that the US Federal Reserve will cut interest rates again this month.
Markets are currently pricing in a nearly 90% chance of a 25-basis point rate cut, up sharply from 73% a week ago.
Spot Gold Update:
XAUUSD (GOLD) When gold falls, we should first pay attention to the support near $2650. If gold does not break $2650, gold will continue to fluctuate upward, and we will adjust to go long. If gold falls below $2650, then gold is a false breakthrough stimulated by risk aversion, and gold may continue to return to a volatile market.
