Commodities

Silver rallies to 8-month highs as Ukraine crisis deepens

2022-03-07 13:07:17 GMT (Economies.com)

Silver prices spiked in European trade to eight-month highs amid strong haven demand as the Ukraine crisis deepens.

 

Silver prices rose 1.75% to $26.15, the highest since July 2021, after rising 2.1% on Friday on active demand following a two-day hiatus from gains on profit-taking.

 

Silver prices rose 5.9% last week, the fifth weekly profit in a row, and the longest such streak since October 2021.

 

The US government stated earlier that the west is seriously considering a bank on Russian oil and gas imports.

 

However the west won't take such a step until alternative supplies have been reliably established, which could take some time.

 

US Congress is actively discussing new bills to completely bank Russian imports, in a step that would increase Russia's isolation.

 

It's the first such step towards completely removing Russia from the World Trade Organization.

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