Worst-Performing Precious Metal Silver May Have Seen Bottom
- Prices could turn higher from later this year, HSBC says
- Recovery in gold needed for silver to outperform, UBS says
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Silver’s been the worst performer among major precious metals in 2022, but prices may have fallen far enough to spark a modest recovery.
The white metal has lost more than 12% since the beginning of the year, weighed down by the stronger US dollar, rising interest rates and slowing growth. But prices could turn higher from later this year as the electronics and photovoltaics sectors support industrial consumption, while retail and jewelry demand look strong, James Steel, chief precious metals analyst at HSBC Securities USA Inc., said in a note early this month.