Silver Price to Remain Under $16 for Next Few Months

iNVEZZ.com reported that according to Philip Newman of Metals Focus, the silver price will likely remain just under $16 per ounce for the next few months. In the fall, he sees the price rising to just under $17.

As quoted in the market news:

Silver futures for July delivery had dipped 0.03 percent to $15.960 per troy ounce as of 09:27 BST today. The contract has declined almost 10 percent on a monthly basis.

‘In Q4, we expect silver to rise,’ Newman said at the International Precious Metals Institute meeting in San Antonio on Sunday. ‘One of the reasons is that seasonally, this is a strong time for gold in India and China, and that should help silver as well.’

Silver demand in India rose to record levels last year, Newman said, and for the first five months of 2015 is up 20 percent on an annual basis.

Still, surging demand from India will not be sufficient to push silver high enough to pare recent weakness. Newman estimated that average silver prices for 2015 will be 15 percent lower than last year, though a 10 percent rise is expected next year.

Noting that silver is unable to break away from gold, Newman said that the stronger forces that will drive precious metals prices in the coming months are the dollar and US interest rates.

Click here to read the full iNVEZZ.com report.