Silver moved back above $50 an ounce on Nov. 2 after an earlier Kitco snapshot recorded a $49.01 low, while FXStreet identified $52.32 as a level tied to a possible bullish reversal.
Kitco quoted spot silver at $50.53 per troy ounce at 5:22 p.m. ET on Nov. 2, up $1.52 on the day. An earlier Kitco snapshot showed a session range of $49.01 to $51.38.
The U.S. Department of the Treasury reported a 10-year par yield of 4.91% on Nov. 2, compared with 4.94% on Oct. 30. Investing.com listed U.S. Dollar Index futures at 101.490, down 0.35%. FXStreet described silver as an asset that pays no interest but is used in electronics and solar energy; its guide said lower rates and a weaker dollar tend to support the metal.
Reuters reported Brent crude futures fell 7.47% to $104.96 a barrel and U.S. West Texas Intermediate (WTI) crude declined 7.2% to $96.62 at 12:24 p.m. ET, linking the declines to hopes Iran-Qatar talks could ease supply disruptions. In a separate report, Reuters said the mediated discussions ended without a breakthrough, although a draft proposal was circulating and another meeting was possible.
Iranian state media outlet IRNA carried remarks from Iranian Foreign Minister Abbas Araqchi, who said Iran had submitted conditions and proposals and that progress depended on Washington.
FXStreet put the Oct. 30 high of $52.32 at the level it said silver would need to clear for a bullish reversal, with $55 as its next reference. The outlet said its Relative Strength Index (RSI), a momentum indicator, had moved out of oversold territory. The chart still showed the 50-day simple moving average below the 100-day average.
EconoTimes previously covered silver trading near $52.50 as markets assessed the Fed’s rate decision.
The U.S. Bureau of Labor Statistics (BLS) is scheduled to release the September Job Openings and Labor Turnover Survey at 10 a.m. ET Tuesday, Nov. 3. Its October Employment Situation report is due Friday, Nov. 6, at 8:30 a.m. ET.
