Silver price supported by growing industrial demand - Metals Focus

(Kitco News) -The silver market has been attracting new attention as the precious metal underperforms in the marketplace. However, many analysts have said that the metal is significantly oversold and due to a bullish correction.

In a report published Wednesday, commodity analysts at Metals Focus said that they remain bullish on silver as the metal's industrial demand continues to look bright.  They added that industrial demand, which makes up about 50% of the silver market, will provide some critical support for prices.

The analysts noted that silver's lackluster performance could be due to shifting expectations for weaker global growth as the world continues to deal with surging cases of the COVID-19 Pandemic. However, they added that they expect this to be a short-term driver for silver.