Forex News
ING’s Frantisek Taborsky expects the National Bank of Hungary (NBH) to cut rates by 25bp to 5.75%, continuing its easing cycle despite recent FX and rates pressure. He argues the sell-off in Hungarian Forint (HUF) assets reflects positioning rather than fundamentals and sees scope for a more dovish market stance. Taborsky forecasts the policy rate at 5.00% this year and 4.00% in 2028, with room to rebuild forint longs.
Forint under pressure as NBH cuts
"The National Bank of Hungary is likely to cut rates by another 25bp to 5.75% today. The central bank restarted its easing cycle in June and committed to further cuts in July and August. A new forecast is due in September, when the NBH should reassess its next steps."
"While FX and rates have come under significant global pressure, triggering the largest sell-off since the April general elections, the situation likely looks more stable from the central bank’s perspective than from the market’s."
"June inflation again undershot the NBH’s forecast, and the governor last week described EUR/HUF around 355-360 as stable. Overall, we expect the NBH to maintain its current rhetoric."
"As a result, we expect the sell-off to fade at the first signs of global relief. The market now prices slightly more than 75bp of easing, including today’s meeting, and a terminal rate between 4.75% and 5.00%. We expect the policy rate to reach 5.00% this year and 4.00% in 2028. We therefore see room for the market to return to a more dovish stance and for investors to rebuild forint longs, depending on the global backdrop."
"The market has already priced out a large share of expected rate cuts after recent pressure on HUF assets, which underperformed not only within CEE but also across emerging markets. In our view, this reflects heavy long positioning rather than a deterioration in the local fundamentals, which remain constructive."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
- AUD/USD rallies for the second consecutive day and hits one-month highs above 0.7020.
- Investors' optimism about a ceasefire in Iran is keeping the US Dollar under pressure.
- Rising bets that the RBA might hike rates once more this year provide additional support to the Aussie.
The Australian Dollar (AUD) is showing one of the best performances among major currencies on Tuesday, appreciating to fresh one-month highs against the US Dollar, amid hopes of a ceasefire in Iran. The AUD/USD pair extends gains for the second consecutive day to reach levels above 0.7020 for the first time since mid-June.
A mild appetite for risk is supporting the Aussie’s recovery as investors cling to hopes of a ceasefire in Iran. A report by Axios released earlier on Tuesday revealed that the US administration is reviewing a peace proposal submitted by mediators and that the US president has urged Israel to avoid actions that might endanger a negotiating scenario.
The report, however, also says that the US military is preparing for an all-out war, in case the diplomatic way fails. This is keeping US Dollar dips limited so far.
The Australian and US economic calendars are thin this week, but rising bets that the Reserve Bank of Australia (RBA) might hike interest rates before the end of the year are providing moderate support for the Aussie. The RBA left rates on hold in June and is expected to stand pat in August as well, but the recent rally in oil prices has boosted hopes of another rate hike before the year-end.
In the US, on the other hand, the soft inflation data released last week dampened hopes of a rate hike in July and left investors split about one in September. This has blunted the US Dollar’s bullish edge this week.
Risk sentiment FAQs
In the world of financial jargon the two widely used terms “risk-on” and “risk off'' refer to the level of risk that investors are willing to stomach during the period referenced. In a “risk-on” market, investors are optimistic about the future and more willing to buy risky assets. In a “risk-off” market investors start to ‘play it safe’ because they are worried about the future, and therefore buy less risky assets that are more certain of bringing a return, even if it is relatively modest.
Typically, during periods of “risk-on”, stock markets will rise, most commodities – except Gold – will also gain in value, since they benefit from a positive growth outlook. The currencies of nations that are heavy commodity exporters strengthen because of increased demand, and Cryptocurrencies rise. In a “risk-off” market, Bonds go up – especially major government Bonds – Gold shines, and safe-haven currencies such as the Japanese Yen, Swiss Franc and US Dollar all benefit.
The Australian Dollar (AUD), the Canadian Dollar (CAD), the New Zealand Dollar (NZD) and minor FX like the Ruble (RUB) and the South African Rand (ZAR), all tend to rise in markets that are “risk-on”. This is because the economies of these currencies are heavily reliant on commodity exports for growth, and commodities tend to rise in price during risk-on periods. This is because investors foresee greater demand for raw materials in the future due to heightened economic activity.
The major currencies that tend to rise during periods of “risk-off” are the US Dollar (USD), the Japanese Yen (JPY) and the Swiss Franc (CHF). The US Dollar, because it is the world’s reserve currency, and because in times of crisis investors buy US government debt, which is seen as safe because the largest economy in the world is unlikely to default. The Yen, from increased demand for Japanese government bonds, because a high proportion are held by domestic investors who are unlikely to dump them – even in a crisis. The Swiss Franc, because strict Swiss banking laws offer investors enhanced capital protection.
- The Indian Rupee rebounds against the US Dollar on hopes of peace in the Middle East again.
- Iran confirms receiving a 10-day ceasefire proposal from the US by mediators.
- FIIs have remained net sellers in the last six trading days.
The Indian Rupee (INR) opens higher against the US Dollar on Tuesday. The USD/INR pair corrects to near 96.34 from its two-month high of 96.76 posted on Monday, as fresh hopes of de-escalation in military aggression between the United States (US) and Iran have offered support to the Indian currency.
The emergence of hopes for Middle East peace has resulted in a pause in the oil price rally, a scenario that offers support to currencies from economies, such as India, which rely heavily on oil imports to meet their energy needs.
In the opening trade, the MCX Crude Oil contract expiring on August 19 is marginally down to near Rs. 7,945. On Monday, the crude oil price corrected sharply after posting a fresh five-week high at Rs. 8,158.
Iran receives 10-day ceasefire proposal with US
On Monday, a senior Iranian official confirmed receiving a proposal of a 10-day cessation of strikes from mediators to find ways to revive the interim deal with the US. This led to financial markets regaining confidence that negotiations between nations are still active.
Earlier in the day, an Axios report also showed that US President Donald Trump will either accept the 10-day ceasefire with Iran and resume negotiations toward an interim deal or will call for a joint full-scale military campaign with Israel against Iran.
Renewed hopes for peace in the Middle East will likely keep oil prices’ upside limited; however, the continuation of attacks between the US and Iran would increase global volatility further.
FIIs continue dumping their stake in Indian stock market
Foreign Institutional Investors (FIIs) are consistently paring their stake in the Indian stock market, extending their selling streak for the sixth trading day on Monday. In the last six trading days, overseas investors have cumulatively sold their stake worth Rs. 10,240.80 crore.
The sentiment of overseas investors toward the Indian stock market appears to have turned cautious amidst the ongoing Q1FY27 earnings season. FIIs' confidence in the Indian stock market is expected to deteriorate further as the administration has stated that it has no plans to scrap Long-Term Capital Gains (LTCG) tax on investors, a key reason behind the consistent outflow of foreign funds from the Indian equity market.
"At present, there is no such proposal under consideration. The tax policies, including capital gains tax rates, are reviewed periodically as part of the annual budgetary process, and legislative revisions are made after taking into consideration the macroeconomic parameters," Minister of State for Finance Pankaj Chaudhary said, The New Indian Express reported.
Technical Analysis: USD/INR stays firmly above 20-day EMA

USD/INR trades lower at around 96.34, but is maintaining a bullish near-term bias as spot holds above the 20-period exponential moving average (EMA) at 95.73. The pair has been grinding higher over recent sessions, and the Relative Strength Index (RSI) at 62 reinforces constructive momentum without yet signaling overbought conditions.
On the downside, immediate support is offered by the 20-period EMA at 95.73, which acts as a dynamic floor for any corrective dips. Looking up, the pair aims to revisit the all-time high at around 97.10.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
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- Gold price jumps to near $4,067 as oil prices rally hit a pause.
- A lower US Dollar has also supported the Gold price.
- The Fed is expected to leave interest rates unchanged next week.
Gold price (XAU/USD) is up 1.5% to near $4,067 during the European trading session on Tuesday. The precious metal outperforms as the rally in oil prices has stalled, with investors turning confident that negotiations between the United States (US) and Iran towards peace have resumed.
In European trade, the WTI Oil price turns positive to near $82.65 after recovering early losses, but corrected sharply after registering a fresh monthly high at $84.42.
Lower oil prices ease inflation expectations and fears of interest rate hikes from central banks, a scenario that bodes well for non-yielding assets, such as Gold.
Meanwhile, a slight correction in the US Dollar due to risk-on market sentiment is also supporting the Gold price. At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.1% lower to near 100.90.
Technically, a lower US Dollar makes the Gold price a favorable risk-reward bet for investors.
On the US interest rate front, the Federal Reserve (Fed) is almost certain to leave interest rates unchanged in the policy meeting next week.
Gold technical analysis

XAU/USD trades higher at around $4,069.52, closer to the 20-day Exponential Moving Average (EMA), which is at $4,089.31. The precious metal attempts a breakout of the Descending Triangle formation after remaining sideways for almost a month.
Momentum remains subdued with the 14-period Relative Strength Index (RSI) hovering around 45 and signaling a lack of bullish conviction.
On the downside, immediate support is seen around the recent break-price area near $4,043, before the rising trend-line floor at $3,941.63. On the topside, the 20-period EMA at $4,089.31 is the first meaningful barrier that gold must reclaim to ease near-term downside pressure and open the way for a more constructive recovery towards the July 6 high around $4,200.
(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.
- USD/JPY rises to 162.70, despite broad US Dollar weakness, and approaches 40-year highs at 162.84.
- Investors' optimism about a ceasefire in Iran has failed to provide support to the Yen.
- The Yen remains weighed down by interest rate divergence between the BoJ and the rest of the major central banks.
The Japanese Yen (JPY) keeps drifting lower on Tuesday, unfazed by the mild US Dollar’s weakness. The USD/JPY pair has reached session highs at 162.70 during the European trading session, less than 15 pips below the 40-year high of 162.84, which is seen as the new line in the sand for Tokyo intervention.
The US Dollar is showing a moderately offered tone on Tuesday as investors cling to optimism amid reports that US and Iranian authorities are reviewing a peace proposal submitted by mediators that might avoid the conflict escalating out of control.
Interest rate divergences are crushing the Yen
The Yen, however, remains on its back foot as the recent rally in Oil prices adds pressure on major central banks to tighten their monetary policies further, increasing the interest rate divergence with the Bank of Japan (BoJ).
BoJ officials have reiterated their commitment to tighten their monetary policy further, but investors are sceptical that interet rates might be raised much higher than 1.25% in the near term, as they would jeopardise the Japanese Government’s efforts to boost economic growth. This leaves the Yen at the mercy of carry traders, whose strategy consists of borrowing low-yielding currencies to exchange them for higher-yielding ones, and pocket the differential, therefore fuelling massive JPY- short positions.
In the Japanese calendar, the main focus this week is on June’s National Consumer Prices Index (CPI) figures, which are expected to show a mild uptick, following soft readings in the previous two months. The Yen would need a positive surprise on inflation to renew pressure on the BoJ to hike rates and keep JPY sellers at bay, at least for some time.
Japanese Yen FAQs
The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.
Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.
The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.
Societe Generale strategists note that dip buying in Sterling has kept GBP/USD trading above its 200-day moving average near 1.3403, even as Gilts remain under pressure. The pair trades within a 1.3400–1.3500 range, with investors assessing the appointment of new Chancellor John Healey and upcoming UK CPI data, which they expect to show a modest easing in headline and services inflation.
Sterling supported as investors eye CPI
"Dip buying in sterling keeps GBP/USD above the 200dma (1.3403) and halts the rebound in EUR/GBP. UK CPI for June will be published tomorrow. SG economics forecast a dip in headline to 2.7% yoy from 2.8%, below the BoE estimate, and in services to 3.6% from 3.7% but no change in core at 2.6%."
"Wage data was not a market mover for the BoE but the small decrease in private sector pay to 2.9% yoy is welcome and minor relief in the broader debate about inflation and threat of second round effects. The premium of Gilts over Bunds trades close to the highs of the Truss debacle in September 2022 at 140bp."
"Notwithstanding the decline in public borrowing by £4bn between May and June thanks to the fall in debt interest payments, the deficit is running £2.7bn ahead of the OBR forecast for the April to June period because of the overshoot in spending by £3.6bn. Receipts are up 7.2% yoy."
"Though the spread has come from just over 170bp at the end of 2024, there should be scope for further tightening if the new chancellor can navigate public finances to safer waters in the autumn budget. The structurally higher level of inflation in the UK compared to the eurozone is the second if not the most important part of the bond jigsaw. Political stability, a rare commodity since the EU referendum in 2016, could tempt investors to turn more bullish on Gilts provided inflation and levels of government spending can be brought under control. "
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
MUFG’s Lee Hardman notes USD/JPY is holding just below year-to-date highs as a negative energy price shock weighs on the Japanese Yen. Rising Brent prices linked to US–Iran tensions and Houthi threats to shipping highlight global supply risks. At the same time, Japan’s newly approved economic and fiscal plan and large investment strategy shape expectations for future BoJ policy and Yen performance.
Yen pressured by energy and policy
"The major foreign exchange rates have been largely unchanged overnight with USD/JPY continuing to trade close to year-to-date highs just below the 163.00-level. The negative energy price shock remains a headwind for yen performance. Only the Swedish krona and Swiss franc have weakened more than the yen since the US-Iran conflict started back in late February."
"At the same time, the Japanese government finally approved an annual economic and fiscal policy plan. The approved plan didn’t include a decision on Prime Minister Takaichi’s election pledge to suspend the sales tax on food. The government will determine its policy by early August."
"Along with the fiscal plan, the government also approved the latest version of the country’s growth strategy including the key pillar calling for domestic investment of more than JPY370 trillion through to March 2041 with the aim to lift nominal GDP to nearly JPY1,100 trillion."
"The final document also included a footnote stating that the government leaves specific monetary policy tools up to the BoJ while respecting its autonomy. It stated “it is very important to conduct appropriate monetary policy in a manner that contributes to ‘stable price increases’”. The addition has helped to ease some concern amongst investors that the government will restrict the BoJ’s room to tighten policy further which had encouraged yen selling."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Commerzbank’s Tatha Ghose expects the central bank of Hungary Magyar Nemzeti Bank (MNB) to cut its base rate by 25bp to 5.75%, continuing June’s easing cycle. He stresses that lower Consumer Price Index (CPI) forecasts and Governor Varga’s view that inflation will stay below the 3% target justify cuts, while warning that global risk aversion and geopolitical tensions have weakened the Forint, though today’s widely anticipated move should have limited FX impact.
Rate cuts driven by inflation outlook
"Hungary's National Bank (MNB) is unanimously expected by analysts to cut its base rate by 25bp to 5.75% later today; we hold the same view. The decision should not come as a surprise. MNB resumed policy easing in June with a 25bp cut, and the subsequent minutes explicitly signalled scope for further easing during the summer months if favourable inflation and financial market developments continued."
"Those conditions have broadly held, except the forint appreciation – which has reversed as a result of global risk appetite deteriorating – but it is difficult to envisage the central bank making exceptions to its policy stance based on every market move. The June Inflation Report revised the 2026 average CPI forecast sharply lower to 1.8%, and governor Mihaly Varga argued that inflation was not expected to exceed the 3% target either through the remainder of this year or in 2027."
"As we wrote after the June meeting, such a large downward revision validates the direction of easing. This is not MNB cutting to support growth; it is MNB cutting because the inflation outlook has overrun its earlier projections."
"In June, there was a dissent vote (by Zoltan Kovacs) for 50bp cut, but this is probably not a majority-held view in the MPC. The MPC is likely to be cautious because of uncertainty surrounding fiscal policy, the failing Iran ceasefire and higher energy prices."
"The rate cut has been widely anticipated and signalled, and should not have noticeable impact on the forint. As we have recently written, the forint has weakened sharply from global risk aversion as the US-Iran war resumed, which is an independent development and may or may not reverse in the near-term."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
- EUR/USD edges up above 1.1420, trimming losses after a three-day reversal.
- German and Eurozone Economic Sentiment figures improved beyond expectations in July.
- Hopes of a new ceasefire in Iran have provided some support to the Euro.
The Euro (EUR) edges up against the US Dollar (USD) on Tuesday, returning to levels just above 1.1420 after a three-day reversal from last week's highs at 1.1480 found support at 1.1400. Positive Eurozone sentiment figures and reports of diplomatic efforts to achieve a ceasefire in Iran are providing some support to the Euro and weighing on the USD.
Data released by the ZEW Institute on Tuesday revealed that institutional investors' sentiment about the German economy improved to 26.3 in July, their best reading since February, before the war in Iran started, from 10.5 in June. Likewise, the Eurozone sentiment rose to 23.4 from 9.5 in the previous month. These figures beat expectations of 18 and 11.2, respectively.
Investors' confidence in the current economic situation, however, remains grim, according to the ZEW survey. The index measuring this improved to -77.6 from -81 in June, also beating expectations of a -77,8 reading, but remains close to the historic lows.
Ceasefire hopes are keeping USD bulls in check
US and Iran ramped up their hostilities over the weekend, heightening concerns that the conflict might escalate out of control, and keeping investors’ appetite for risk subdued. The Strait of Hormuz is practically closed, and the Iran-backed Houthis announced a blockade to Saudi Arabian vessels in the Red Sea, which is likely to boost concerns about a crude oil shortage,
Risk aversion, however, remains contained amid hopes of another ceasefire. Axios reported earlier on Tuesday that Trump's administration is reviewing a proposal submitted by mediators from Qatar, Pakistan and Egypt that could avoid a full-blown war.
In Europe, the focus now is on the European Central Bank’s (ECB) Monetary Policy decision on Thursday. The bank is widely expected to leave rates on hold, but traders are pricing another rate hike in September, and they will be eager to spot some signals in that direction at ECB President Christine Lagarde's press conference.
The US economic calendar is thin on Tuesday and during the rest of the week. The only event worth mentioning will be the preliminary S&P Global Manufacturing and Services Purchasing Managers' Index (PMI) figures, due on Friday.
Economic Indicator
ZEW Survey – Economic Sentiment
The Economic Sentiment published by the Zentrum für Europäische Wirtschaftsforschung measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic. Generally speaking, an optimistic view is considered as positive (or bullish) for the EUR, whereas a pessimistic view is considered as negative (or bearish).
Read more.Last release: Tue Jul 21, 2026 09:00
Frequency: Monthly
Actual: 26.3
Consensus: 18
Previous: 10.5
Economic Indicator
ZEW Survey – Economic Sentiment
The Economic Sentiment published by the Zentrum für Europäische Wirtschaftsforschung measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic. A positive number means that the share of optimists outweighs the share of pessimists. usually, an optimistic view is considered as positive (or bullish) for the EUR, whereas a pessimistic view is considered as negative (or bearish).
Read more.Last release: Tue Jul 21, 2026 09:00
Frequency: Monthly
Actual: 23.4
Consensus: 11.2
Previous: 9.5
Silver prices (XAG/USD) rose on Tuesday, according to FXStreet data. Silver trades at $58.96 per troy ounce, up 4.54% from the $56.40 it cost on Monday.
Silver prices have decreased by 17.05% since the beginning of the year.
Unit measure | Silver Price Today in USD |
|---|---|
Troy Ounce | 58.96 |
1 Gram | 1.90 |
The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 68.92 on Tuesday, down from 71.06 on Monday.
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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