Furthermore, recent interest rate cuts from the US Federal Reserve and the People’s Bank of China (PBOC), combined with China’s major economic stimulus plan, have increased demand for silver. These macroeconomic factors provide a strong foundation for silver’s bullish momentum.
Silver Nitrate Market Poised for Growth Amid Economic Uncertainty
On the industrial side, the global silver nitrate market is expected to grow at a compound annual growth rate (CAGR) of 5.2% between 2022 and 2032. The market value is expected to increase from $5.3 billion in 2022 to $8.8 billion in 2032.
This growth is fueled by increasing demand for silicone elastomers, especially in the automotive and construction sectors.
Silver nitrate is essential in various industries due to its strong oxidizing properties and versatility. It is widely used in medical applications, such as a cautery, and in industrial processes such as electroplating.
However, regulatory challenges and fluctuating silver prices could hinder the industry’s expansion.
Short-term forecasting
Silver (XAG/USD) has bullish momentum above $31.89, with immediate resistance at $32.24. A break below $31.90 could trigger a deeper pullback towards $31.68.