Silver retreats from record highs as gram price hovers near 100 TRY

The spot price of silver is currently trading at 64.565 USD per ounce, marking a daily decline of 1.11%. Despite the short-term drop, the metal has shown strong momentum recently, with prices rising by 4.93% over the last week and 10.04% over the last month.

Since the beginning of August, silver’s price has increased by 11.95%, moving from around 55 USD to the current 65 USD region. This rapid ascent has been accompanied by significant intraday volatility, with the price range exceeding 2 USD per ounce within just a few hours.

During the recent session, silver’s intraday high reached 66.310 USD per ounce, while the low touched 64.227 USD. The 64-65 USD band is identified as the first important region in the short term. If the 66.31 USD intraday peak is surpassed, the 67 USD level may be considered, whereas staying below 64 USD may increase the risk of a deeper short-term correction.

Gram Silver Approaches Psychological Threshold in Turkey

In Turkey, the 100 TRY level has become a psychological threshold for gram silver. Based on an ounce price of 64.565 USD and a USD/TRY exchange rate of approximately 47.78, the gram silver price is approximately 99.2 TRY. At the intraday high of 66.310 USD, the gram price reached approximately 101.9 TRY, while the low corresponded to roughly 98.7 TRY.

The high USD/TRY exchange rate prevents the daily decrease in the silver ounce price from being fully reflected in the gram silver price in Turkey. This dynamic keeps local prices elevated even when global ounce prices experience minor corrections.

Broader Market Context and Fed Expectations

Expectations that the US Federal Reserve (Fed) will raise interest rates in September have weakened following recent US inflation data. This shift in monetary policy outlook has contributed to the recent price movements in precious metals.

Looking at the longer term, silver's annual increase is at a level of 67.66%, although its performance since the beginning of the year is down by 9.18%. The one-year high for silver stands at 121.652 USD, indicating significant historical volatility in the asset class.