Silver price forecast commodity desks revise silver price

Commodity desks revise silver price forecast upward after strong ISM manufacturing figures in the U.S. Spot silver now trades at $28.38, a four-week high, and appears poised for a technical breakout if Fed policy guidance remains dovish. Structural drivers suggest that the current gold and silver rally isn’t mere speculation. The Fed’s recent monetary policy shift, which is expected to continue later this year, the weakened U.S. dollar, and rising uncertainty due to geopolitical escalation and the U.S government shutdown reinforce the role of precious metals as effective hedges against currency volatility. Moreover, strong demand from central banks supports an uptrend. According to a recent World Gold Council survey, 95% of central banks plan to increase their gold holdings over the next 12 months, while nearly three-quarters expect to reduce their dollar reserves [4] . "It could be Elon Musk taking a position in the silver space," Neumeyer said. "There's going to be a catalyst at some time, and headlines in the Wall Street Journal might talk about the silver supply deficit … I don't know what the catalyst will be, but investors and institutions will wake up to the fundamentals of the metal, and that's when it will start to move." Current silver price forecast models from major investment banks anticipate gradual appreciation in H2 2024, citing decreased mine output in Latin America. Supply constraints are projected to push spot prices toward $30 over the next quarter, contingent on stable macroeconomic conditions.