On August 19, Pan American Silver rose 5.15% in pre-market trading, trading at $48.94/share, with turnover of $1.84 million. The move comes amid a broad rally across the precious metals sector driven by a softer U.S. dollar and fading expectations for a Federal Reserve rate hike in September.
Market data shows the probability of a September rate hike has declined to approximately 30-31%, following softer-than-expected July retail sales, a subdued CPI print, flat headline PPI, and weakening consumer confidence. Spot gold recently surged above $4,400/oz while spot silver climbed near $66.5/oz, gaining close to 3%. Elevated geopolitical risks in the Middle East, including disruptions to oil tanker traffic through the Strait of Hormuz, have further bolstered safe-haven demand for precious metals.
Within the Gold sector, stocks broadly strengthened. Among peers, Coeur Mining rose 5.89%, Agnico Eagle Mines rose 4.85%, Wheaton Precious Metals rose 4.82%, Newmont Mining rose 4.66%, and Barrick Mining rose 4.18%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)