Silver price extends its upside around $28.50 in Thursday’s early European session.
Rising industrial demand and ongoing tensions in the Middle East benefit the white metal.
ANZ commodity analysts said that Silver still has significant potential, even after hitting solid resistance at $29.90 last week.
The higher chance that the Fed will delay its easing cycle might cap the upside of the ilver price.
Fed Cleveland President Loretta Mester said on Wednesday that inflation is higher than anticipated and the Fed needs more confidence in its trajectory.
Earlier this week, Fed Chair Jerome Powell emphasized that he will wait for more evidence to gain confidence that inflation is headed toward the central bank’s 2% goal before lowering borrowing costs.
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