Silver slides as dollar gains, gold expected to rise by year‑end

Silver prices fell sharply, with the ounce dropping to about $61.82, a 0.91% decline, and the Turkish gram slipping to 93.17 TL. Analysts attribute the slide to a stronger US dollar, expectations around the Federal Reserve’s policy stance and profit‑taking in futures markets, though they say the long‑term uptrend remains intact.

HSBC’s metal strategy sees short‑term pressure on gold from high US Treasury yields and the robust dollar, but projects a rise through the end of 2024. The outlook is underpinned by continued central‑bank buying, steady ETF inflows and solid physical demand from China, where the People’s Bank added 8.1 tonnes of gold to its reserves. The bank maintains a bullish year‑end target for gold, citing its safe‑haven appeal despite recent market headwinds.