Silver prices held steady above $32 an ounce on Monday (2/17) after experiencing wild swings in the previous session. The metal found support from a weaker dollar, boosted by weak US economic data and easing concerns over a global trade war. Investors are also keeping an eye on US-led efforts to resolve the war in Ukraine, which could dampen demand for safe-haven assets such as silver.
However, silver hit a three-month high on Friday as strong industrial demand, especially from the electrification and manufacturing sectors, supported prices. Recent data showed that China is adding 357 gigawatts of solar and wind power by 2024, a major driver of industrial silver use. In the solar sector, India's Oil and Natural Gas Corporation has pledged INR 1 trillion worth of wind and solar investment by the end of the decade, while Indonesia has committed to adding 17 gigawatts of solar capacity through its state-owned companies. (Newsmaker23)
Source: Trading Economics
