What Is XAG/USD Doing Today
XAG/USD is the price of one troy ounce of silver in US dollars. Silver is a precious metal and an industrial one at the same time: a large share of annual demand comes from solar panels, electronics and electric vehicles, so it trades with gold on rates and the dollar but also with the economic cycle. That makes it swing harder than gold in both directions.
Every 3 hours we score the latest silver-related headlines on the same 0 to 100 scale we use for the 8 major currencies, then compare silver's score with the US dollar score from the same cycle. The gap between the two gives the XAG/USD read: silver sentiment running ahead of the dollar leans the pair up, the dollar running ahead leans it down.
XAG/USD Profile
- Quote: US dollars per troy ounce of silver
- Contract size: 1 standard lot is 5,000 troy ounces on most accounts, so a $0.10 move in the silver price is worth $500 per standard lot
- Pip convention on this site: 1 pip is $0.01 per ounce, which is $50 per standard lot. Brokers vary, so check your own account specification
- Trading hours: like gold, almost around the clock from Sunday evening to Friday evening UTC, with a short break each day
- Related markets: XAU/USD (the gold to silver ratio), AUD/USD (Australia is a large silver producer), USD/JPY and EUR/USD (the dollar)
What Moves XAG/USD
Silver reacts to the same rates and dollar story as gold, plus its own industrial demand. Here is what to watch on each side:
Silver (XAG) side
- US real yields: Treasury yields after inflation expectations, the cost of holding a metal that pays nothing
- The direction of gold: silver usually follows it, with bigger swings
- Industrial demand from solar panels, electronics and electric vehicles, and mine supply
- ETF holdings and fund flows into silver
- Risk-off and safe-haven demand during market stress
US Dollar (USD) side
- Fed (FOMC) rate decisions and the tone of the press conference
- US CPI and PCE inflation prints
- NFP non-farm payrolls (first Friday of the month)
- US Treasury yields, particularly the 2-year and 10-year
- Broad dollar strength: a rallying dollar is a headwind for anything priced in it
Common Questions About XAG/USD
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