The ounce price of silver increased by 1.9 percent, reaching 60.75 dollars.
This movement saw the price of an ounce of silver surpass the 60 dollar threshold, a level noted by S2 as a technical and psychological breakout point.
A loss of momentum in the US labor market has strengthened expectations that the US Federal Reserve might act more cautiously regarding new interest rate hikes.
Silver is utilized in various industries, including electronics and solar panels.
Silver price projections
The first critical threshold in the short term is identified as the 61-62 dollar band for silver.
If the ounce silver price reaches 62 dollars, the gram silver price could reach approximately 95 lira. Should the ounce silver price move toward 65 dollars, the 99-100 lira band for gram silver may be discussed more strongly. In a scenario where ounce silver reaches 70 dollars, the gram silver price could approach approximately 107 lira.
Theoretical equivalent of gram silver based on a 60.64 dollar ounce price and a 47.57 USD/TRY exchange rate.
