Forex News
- Gold holds gains around $4,350, with two-month highs at $4,380 under pressure.
- Lower US yields amid signs of a loosening labour market are underpinning support for Gold.
- The technical picture shows overbought levels although dips remain limited so far.
Gold (XAU/USD) holds moderate gains at the mid-range of the $4,300s on Monday, consolidating gains after a nearly 7.5% rally last week. The precious metal hovers just below the last two-month highs in the $4,380 area, buoyed by lower US Treasury yields, as traders cut back Federal Reserve (Fed) interest rate hikes following the negative surprise of last Friday’s Nonfarm Payrolls report.
The US Dollar remains on its back foot this week, in the aftermath of Friday's US Nonfarm Payrolls release, which showed a 23K decline in net employment in July, undershooting expectations of an 80K increase, and sharp downside revisions of the previous two months' job gains. Futures markets have scaled back hopes of a September rate hike to 44% from 67% in the previous week, sending the US Dollar lower across the board.
Technical Analysis: Gold remains steady despite overbought RSI levels
XAU/USD trades at $4,343, maintaining its bullish near-term bias intact. The 4-hour Relative Strength Index (14) has reached overbought levels, but downside attempts remain limited so far. The Moving Average Convergence Divergence (MACD) on the same timeframe hints that upside momentum is still constructive.
Bulls are likely to find significant resistance at the $4,380 area (June 17 high). Further up, the target is the late-May high at $4,595. On the downside, initial support is seen at the previous range top, above $4,200, ahead of the $4,000 psychological area, which halted bears in late July, and the bottom of July's trading range, around $3,950.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
BNY’s Geoff Yu and David Tam note that weaker United States (US) labor data have lowered real-rate expectations and extended the Dollar decline, creating a more supportive environment for risk assets and duration. They stress that upcoming United States (US) Consumer Price Index (CPI) and Producer Price Index (PPI) releases will be crucial for Federal Reserve (Fed) pricing, with softer inflation reinforcing current easing expectations and stronger prints quickly lifting front-end yields.
U.S. inflation data drive Dollar path
"The weaker U.S. labor-market signal has pulled down real-rate expectations, extended the dollar decline and reopened a window for duration and risk assets."
"Last Friday’s weak U.S. nonfarm payrolls report – at -23k vs. the expected 80k – and the accompanying downward revisions meaningfully cooled expectations for a Fed hike in September, leaving the market with a less than 50% chance of a hike."
"Of the week’s releases, Wednesday’s CPI is the most important for rates markets, as it will tell us whether the disinflationary impulse stemming from June’s easing in Iran-related tensions is durable or whether price pressures will pick up."
"A soft inflation bundle would reinforce the post-NFP easing in Fed pricing and support duration; an upside surprise could quickly reintroduce pressure on front-end yields."
"The environment has become more supportive, but not more forgiving."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
- The Indian Rupee trades lower against the US Dollar as oil prices recover further.
- Fears of a prolonged energy supply disruption boost oil prices.
- The Fed is not expected to deliver an interest rate hike in the September meeting anymore.
The Indian Rupee (INR) is down against the US Dollar (USD) at the start of the week. The USD/INR pair rebounds to near 95.30 as oil prices extend their recovery move and the US Dollar regains ground after a weak Friday.
In the opening session, the MCX Crude Oil futures expiring on August 19 trade over 1% higher at Rs. 7,500.
Currencies from economies, such as India, which rely heavily on oil imports to meet their energy needs, tend to underperform in a high-oil-price environment.
At press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.1% higher to near 99.70.
Hormuz reopening uncertainty boosts oil prices
Renewed uncertainty over the reopening of the Strait of Hormuz, a critical chokepoint to almost one-fifth of global energy supply, in the near term due to compensation demands from Iran has boosted oil prices.
Over the weekend, Iranian Foreign Ministry spokesperson Abbas Araghchi said that Tehran demands reparations from the United States (US) before allowing navigation through the Hormuz, West Asia News Agency reported.
Separately, continuous military attacks by Iran-aligned Houthis on Saudi Arabian oil tankers are also keeping fears of global supply disruption on the horizon. Also, Iran-backed rebels striking Saudi energy infrastructure are raising concerns over prolonged energy supply disruption.
Yahya Saree, a military spokesperson for the Houthis, said they targeted an Aramco refinery in the city of Jazan with a drone.
US Dollar’s recovery to remain under scrutiny
The US Dollar rebounds at the start of the week as higher oil prices have de-anchored global inflation expectations. However, the US currency seems unlikely to hold the recovery move, as traders have trimmed hawkish Federal Reserve (Fed) bets and are not expecting an interest rate hike at the September policy meeting.
According to the CME FedWatch tool, the odds of the Fed raising policy rates in the September meeting are 46%, a sharp decline from 67% seen a week ago.
Financial market participants have scaled back hawkish Fed expectations on escalated labor market concerns. On Friday, the US Nonfarm Payrolls (NFP) report for July showed that employers fired 23K workers, while they were anticipated to create 80K fresh jobs. Also, June’s NFP print was revised lower to 20K from 57K.
Weak US employment data led to a significant decline in the US Dollar, pushing the USD Index to a fresh almost eight-week low at 99.40. The likelihood of a resumption in the US Dollar’s decline would limit the downside in USD/INR.
Technical Analysis: USD/INR stays below 20-day EMA
In the daily chart, USD/INR trades at 95.30, keeping a mild bearish bias as spot holds below the 20-day Exponential Moving Average (EMA) at 95.53. The pair’s inability to reclaim this dynamic barrier suggests upside attempts remain capped for now, while the Relative Strength Index (RSI) around 45 hints at subdued momentum rather than outright oversold conditions.
On the topside, immediate resistance is located at the 20-day EMA near 95.53, and a sustained break above this level would be needed to ease the current downside bias. Looking down, the pair could slide towards the June low at 94.15 if it fails to hold the August 5 low at 94.83.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Indian Rupee FAQs
The Indian Rupee (INR) is one of the most sensitive currencies to external factors. The price of Crude Oil (the country is highly dependent on imported Oil), the value of the US Dollar – most trade is conducted in USD – and the level of foreign investment, are all influential. Direct intervention by the Reserve Bank of India (RBI) in FX markets to keep the exchange rate stable, as well as the level of interest rates set by the RBI, are further major influencing factors on the Rupee.
The Reserve Bank of India (RBI) actively intervenes in forex markets to maintain a stable exchange rate, to help facilitate trade. In addition, the RBI tries to maintain the inflation rate at its 4% target by adjusting interest rates. Higher interest rates usually strengthen the Rupee. This is due to the role of the ‘carry trade’ in which investors borrow in countries with lower interest rates so as to place their money in countries’ offering relatively higher interest rates and profit from the difference.
Macroeconomic factors that influence the value of the Rupee include inflation, interest rates, the economic growth rate (GDP), the balance of trade, and inflows from foreign investment. A higher growth rate can lead to more overseas investment, pushing up demand for the Rupee. A less negative balance of trade will eventually lead to a stronger Rupee. Higher interest rates, especially real rates (interest rates less inflation) are also positive for the Rupee. A risk-on environment can lead to greater inflows of Foreign Direct and Indirect Investment (FDI and FII), which also benefit the Rupee.
Higher inflation, particularly, if it is comparatively higher than India’s peers, is generally negative for the currency as it reflects devaluation through oversupply. Inflation also increases the cost of exports, leading to more Rupees being sold to purchase foreign imports, which is Rupee-negative. At the same time, higher inflation usually leads to the Reserve Bank of India (RBI) raising interest rates and this can be positive for the Rupee, due to increased demand from international investors. The opposite effect is true of lower inflation.
- The US Dollar Index languishes below 100.00, holding near its lowest levels in the last seven weeks.
- Downbeat US Nonfarm Payrolls data cast further doubts about a September rate hike.
- Bank analysts agree: A weak US CPI reading on Wednesday might give the last blow to the USD.
The US Dollar Index (DXY) consolidates losses, trading below 100.00 at the time of writing on Monday, holding near its lowest levels since mid-June. Growing signs that the US wants a quick end to Iran’s war have removed the risk premium that had been buoying the US Dollar (USD) since February, but domestic issues such as the softer labour market and dwindling hopes of Federal Reserve (Fed) rate hikes are contributing to the downtrend. The US Dollar is showing symptoms suggesting that it is ripe for a correction.
Analysts at ING affirm that “our dovish Fed call is strengthening, and so is our bearish bias on the Dollar.” Despite the market reaction after Friday’s figures, they highlight that “11bp are still priced in for September, 28bp for December and 40bp for April,” and conclude that “there remains ample room for dovish repricing to harm the Dollar if we are right about the Fed.”
Societe Generale: Latest US economic data puts Fed under a different light
In the same line, Societe Generale's experts note that, after “months of obsessing about above-target CPI and PCE inflation, and levelling accusations of being behind the curve,” they argue that the latest “employment situation put the Fed outlook in a different light and raises questions for the direction of the bond and FX markets in 2H.” In this context, they stress that “the DXY must now defend the 200dma at 99.18 to avert a deeper drop.”
BBH strategists observe that, after the Nonfarm Payrolls disappointment, “a soft US CPI print would strengthen the case for a dovish repricing in Fed hike expectations and further undermine USD”. BBH analysts also say that “a hot US CPI print may deliver a knee-jerk USD bounce via higher front-end yields,” but considering that Fed policy is "already restrictive (assuming a neutral rate of 3.00%)," and that the scope for a material hawkish repricing looks limited.”
Commerzbank: The main driver for USD strength has been priced out
Commerzbank observes that, “despite the weak numbers, the correction (of Fed tightening expectations) was moderate,” pointing out that “just roughly six basis points were priced out until the December meeting, meaning a rate hike is still expected by the end of the year.”
They also note that “the USD’s depreciation was also only roughly 0.4%." This means, according to Commerzbank analysts, that there is a “considerable scope for further correction, should the data support it.” In their view, “if this week's inflation figures are also weaker than expected, the payrolls report may have been just another step towards the end for Fed rate hike expectations,” which “would mean that the main driver of the USD's strength over the past few months would be priced out.”
Fed FAQs
Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.
The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar.
Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.
- GBP/USD edges slightly higher on Monday but struggles to hold above the 1.3500 level.
- Weak US employment figures released on Friday continue to weigh on the US Dollar.
- Investors now await US inflation data and UK GDP figures later this week.
GBP/USD trades around 1.3495 on Monday at the time of writing, up a modest 0.04% on the day. However, the pair struggles to hold firmly above the psychological 1.3500 level after benefiting on Friday from a decline in the US Dollar (USD) triggered by disappointing United States (US) employment data.
The Nonfarm Payrolls (NFP) report released on Friday showed that the US economy lost 23K jobs in July. The figures fuel concerns about a slowdown in the US labor market and reduce expectations of monetary tightening by the Federal Reserve (Fed).
Markets now see less than a 45% chance of a Fed interest-rate hike in September, down from around 67% a week earlier. This shift in expectations limits the US Dollar's ability to rebound and allows GBP/USD to remain close to its recent highs.
The Greenback nevertheless attempts to stabilize on Monday, supported by persistent geopolitical uncertainty in the Middle East and around the Strait of Hormuz. The prospect of a recovery in Oil prices could also keep inflationary pressures elevated in the US and preserve the possibility of another Fed rate hike later this year.
Investors' attention therefore turns to upcoming US inflation figures, which could provide fresh clues about the interest-rate outlook. Higher-than-expected inflation could revive hawkish Fed expectations and support the US Dollar, while easing price pressures could reinforce the recent momentum in GBP/USD.
On the United Kingdom (UK) side, investors await the preliminary Gross Domestic Product (GDP) estimate for the second quarter on Thursday. The UK economy is expected to expand by 0.4% in the second quarter, slowing from 0.6% previously. On a monthly basis, GDP is expected to decline by 0.1% in June after rising by the same amount in May. A surprise in these figures could determine whether the British Pound (GBP) has enough support for GBP/USD to establish a more sustained move above 1.3500.
GBP outlook hinges on Q2 UK GDP as markets price further BoE tightening
Strategists at Brown Brothers Harriman expect UK growth momentum to cool in the coming quarter, noting that “UK real GDP growth [is set] to slow in Q2,” with Thursday’s release seen showing activity expanding “0.4% q/q vs. 0.6% in Q1.” They highlight that the BoE is even more cautious, as “the Bank of England (BoE) projects a softer print of 0.3% q/q as lower household real income growth, and tighter financial conditions weigh on domestic demand activity,” and that “the BoE forecasts consumption growth to ease to 0.3% q/q in Q2 vs. 0.6% in Q1.”
Against this backdrop, BBH warns that “absent a GDP beat, UK rate pricing looks vulnerable to a dovish repricing against GBP,” given that “the swaps curve continues to imply 50bps of BoE tightening to 4.25% in the next twelve months.” They stress that such an outcome “would leave the policy rate above the BoE’s estimated neutral range (2.00%-4.00%) when the UK economy is operating well below potential.”
GBP/USD technical analysis
In the one-hour chart, GBP/USD trades at 1.3496. The pair holds a mild bullish bias as it trades above the 100-period simple moving average (SMA) around 1.3461 and the 200-period SMA near 1.3432, while supported by an upward support currently around 1.3440. The Relative Strength Index (RSI) hovering just above 60 hints at firm but not overstretched upside momentum, suggesting dips into nearby support may attract buyers as long as the price stays anchored above the shorter and longer-term SMAs.
On the topside, immediate resistance emerges at the horizontal barrier near 1.3509, with a subsequent cap seen around 1.3558 if bulls extend the advance. On the downside, the first line of defense is the 100-period SMA at 1.3461, followed by the trend-line around 1.3440 and then the 200-period SMA near 1.3432, where a break lower would weaken the current constructive tone and expose deeper retracements.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Nomura’s Josie Anderson, George Buckley and Andrzej Szczepaniak expect Norges Bank to keep its policy rate at 4.25% at the August meeting, citing softer underlying inflation and benign domestic data. They see the key issue as future guidance on further hikes this year, with downside CPI-ATE surprises reducing the probability of additional tightening while rate cuts remain off the table.
Norges Bank seen on extended hold
"We expect Norges Bank to leave its policy rate unchanged at 4.25% at its August policy meeting. Underlying inflation unexpectedly slowed in June to 2.7% y-o-y, its first time below 3% since May 2025, and also remained at that rate in today’s data for July (against our and consensus expectations of a slight re-acceleration). This slower rate of inflation is the key reason why we expect Norges Bank to leave its policy rate unchanged despite signalling the possibility of a hike at its last meeting."
"The June minutes said that “some members expressed concern that the stance is not sufficiently restrictive to bring inflation down and argued in favour of raising the policy rate now”, which prompted us to bring forward our expectation of the next rate rise to August from September. However, the soft inflation data since then now suggest an August hike is unlikely."
"A key issue at this week’s meeting will be whether Norges Bank continues to signal that another hike is likely. It will not update its forecasts or policy rate projections in August. However, it may note that the inflation outturns since the June projection have meant the monetary policy outlook has changed, and a rate hike is now less likely than was suggested at the last meeting."
"Overall, we expect Norges Bank to leave its policy rate unchanged at its August meeting, as concerns about sticky inflation have likely eased. In our view, today’s second consecutive downside CPI-ATE inflation surprise has also lowered the probability of a September hike. We therefore think Norges Bank’s guidance could signal a lower likelihood of a second rate hike this year than was suggested in June, but that uncertainty remains very high."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
ING’s Frantisek Taborsky highlights a busy Central and Eastern Europe calendar with Czech inflation, Turkey’s inflation report and key Polish data, including GDP and core inflation. He notes CEE assets remain driven by global headlines, higher Oil prices and narrowing rate differentials, with EUR/CZK in focus after closing above 24.250 and seen with upside risk toward 24.300.
Global factors steer regional FX
"Outside Romania’s busy calendar, the rest of the CEE week brings final Czech inflation on Tuesday, with headline CPI expected to be confirmed at 1.7% and the focus on core inflation, which we see unchanged around 2.8-2.9%."
"On Thursday, Turkey’s central bank will publish its inflation report, while Poland will release final CPI, likely confirming 3.0%, alongside 2Q GDP. We estimate Polish GDP growth accelerated to 3.8% YoY from 3.5% YoY in 1Q26, despite a further slowdown in private consumption, as investment growth gained momentum."
"CEE markets remain mainly driven by global headlines. With no progress in US-Iran talks over the weekend, we expect a mixed open, especially after Friday’s regional rates rally following US jobs data."
"Higher oil prices could trigger some correction, while last week’s narrowing in rate differentials may put pressure on CEE currencies this morning. EUR/CZK remains in focus after closing above 24.250 on Friday, in line with our post-Czech National Bank meeting call, though we still see upside risk closer to 24.300."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Societe Generale strategists highlight that EUR/USD has squeezed above key resistance as Dollar weakness follows softer United States (US) employment data and reduced odds of a September Fed hike. The pair is seen slightly expensive versus nat gas but near fair value on 2-year spreads. They note that if the European Central Bank (ECB) hikes again while the Federal Reserve (Fed) pauses, EUR/USD could gain further, with the next resistance zone identified around 1.1610/1.1625.
Euro prospects improve as Fed bets are repriced
"Clouds first appeared on the horizon for the dollar two weeks ago after the coordinated FX intervention in USD/JPY and the squeeze in EUR/USD above key resistance at 1.1475/1.15."
"The pricing for a hike in September has been whittled back to less than 50% vs 72% at the end of July. "
"After months of obsessing about above target CPI and PCE inflation, and levelling accusations of being behind the curve, the employment situation put the Fed outlook in a different daylight and raises questions for the direction of the bond and FX markets in 2H."
"The pair trades close to fair value based on 2y spreads but is a smidgen expensive relative to nat gas."
"If the ECB hikes again and the Fed stands pat because of the deteriorating labour market, perspectives will emerge for a stronger EUR/USD ahead."
"We identify the next hurdle at 1.1610/1.1625."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Brown Brothers Harriman’s Elias Haddad notes that the Australian Dollar (AUD) remains one of the most attractive G10 currencies thanks to favorable carry and a hawkish Reserve Bank of Australia (RBA). The RBA is expected to keep rates at 4.35% while reiterating its readiness to hike if needed, with futures pricing about a 50% chance of one more 25 bps increase by year-end.
RBA stance underpins Australian Dollar carry
"Favorable interest rate carry in Australia and Norway continue to make AUD and NOK two of the most attractive currencies across the majors. NOK and AUD rank first and second, respectively, on the G10 FX leaderboard year-to-date."
"The RBA is widely expected to keep the policy rate at 4.35% for a second straight meeting (Tuesday). The RBA is also poised to reiterate that it’s prepared to “increasing the cash rate further if needed” because inflation continues to exceed 3.0%."
"The RBA’s August Statement on Monetary Policy will shed light on the bank’s inflation and growth outlook."
"RBA cash rate futures imply about 50% odds of one final 25bps hike by year-end. The RBA has room to pause its tightening cycle."
"First, the RBA projects real GDP growth to be below potential over the next two years. Second, RBA cash rate at 4.35% currently sits near the top of the range of model-based estimates of the nominal neutral rate."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Silver prices (XAG/USD) rose on Monday, according to FXStreet data. Silver trades at $64.24 per troy ounce, up 1.08% from the $63.55 it cost on Friday.
Silver prices have decreased by 9.63% since the beginning of the year.
Unit measure | Silver Price Today in USD |
|---|---|
Troy Ounce | 64.24 |
1 Gram | 2.07 |
The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 67.68 on Monday, down from 68.32 on Friday.
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
(An automation tool was used in creating this post.)
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