Silver has been a strong performer in the Australian market over the past week, with the Australian dollar recently hitting a two-month high of US$1.0871.
But the move has been driven by the prospect of a strong government surplus, and the government’s decision to cut interest rates.
Silver has been trading around the $1.06 mark for much of the week, before rising to $1,113.50 late on Wednesday afternoon, before ending the session at $1 the following day.
While the Federal Government has not cut interest rate since May, the dollar has rallied against the Australian currency, increasing from US$US1.0277 to US$2.0880 on Thursday morning.
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