Silver Consolidated in an N-Shape and Closed Flat This Week, as Geopolitics and Rate Hike Expectations Waged a Tug-of-War [SMM Silver Weekly Review]
[SMM Silver Weekly Review: Silver N-shaped consolidation ended flat this week amid repeated tug-of-war between geopolitical and interest rate hike expectations] Silver prices showed an N-shaped trend this week. At the start of the week, ceasefire expectations pushed prices up. Subsequently, the hawkish US Fed held rates steady, combined with repeated Middle East tensions, and silver prices consolidated to close at 14,286 yuan/kg. Spot silver supply and demand were both weak, and transactions remained at parity. On the inventory front, total social inventory accumulated to 3,658 mt, while ETF open interest edged down. Short-term, it is expected to move sideways with a downward bias.