Precious metals market shows recovery in silver and gold

The precious metals market is showing signs of recovery, with silver and gold experiencing notable movements. Silver has successfully defended a support level of 64 USD per ounce. Analysts suggest that if this level is maintained, the metal could see further growth toward targets of 72 USD and potentially 80 USD per ounce, despite a strong US dollar impacting recent trends.

Gold also saw a significant rebound in August, with prices rising approximately 9.4 percent over the month. This growth was driven by weakening US economic data, a softening dollar, and shifting expectations regarding Federal Reserve monetary policy. Additionally, central banks are increasingly purchasing physical gold to diversify reserves and reduce dependence on the US dollar, providing long-term support for the market.