FX.co ★ Silver Extends Gains for Third Day

Silver experienced an upward movement toward $90 per ounce on Thursday, achieving gains for the third consecutive session. This rise follows a significant rebound from a historic downturn, which included an unprecedented 26% drop in a single day. Investors seized the opportunity to buy the dip, bolstered by analysts who believe that the fundamental factors propelling gold and silver to unprecedented highs earlier in January still persist. Market participants also considered the possibility of interest rate cuts by the US Federal Reserve after ADP data revealed weaker-than-anticipated private sector job growth for the past month. However, uncertainty remained as Kevin Warsh was nominated as the next Federal Reserve chair; he is anticipated to support lower rates, albeit with less aggression than other potential candidates. In the geopolitical arena, tensions eased somewhat with the announcement of new talks between the US and Iran scheduled for Friday. While the precise details are unclear, Iran is focused on limiting discussions to its nuclear program, whereas the US intends to address broader issues, including ballistic missile activities, regional militant support, and human rights concerns.