FX.co ★ Silver Set for Sharp Weekly Decline

Silver prices declined to approximately $48.6 per ounce on Friday, poised for a weekly loss of over 6%, as profit-taking dominated the market amid fears of overvaluation. The metal previously surged due to robust safe-haven demand and optimism regarding its long-term industrial applications in electric vehicles, data centers, and solar energy, coupled with shrinking inventories in vaults located in London and Shanghai. Meanwhile, investors kept a keen eye on trade developments following the White House's confirmation of a meeting between Trump and Xi next Thursday during the APEC summit. Additionally, attention was focused on an impending key US inflation report, anticipated to reveal enduring price pressures, which, although unlikely to deter the Federal Reserve from cutting rates next week, could influence its December decision should inflation exceed expectations.