Silver prices experienced a 0.42% increase during Monday’s morning session, opening at 70530. Lingering concerns over China’s economic condition remained a focal point.

Silver’s Rally Amid Lingering China Worries

Meanwhile, industrial production in the U.S. surged by 1% in July 2023, exceeding market expectations of a 0.3% rise. Notably, manufacturing output also outperformed predictions.

Specifically, the one-year loan prime rate was reduced from 3.55% to 3.45%. Whereas the five-year rate for determining mortgage rates remained steady at 4.20%.

Despite being met with disappointment. The PBOC’s rate cut on Monday highlights the challenge of balancing economic support and the yuan’s weakening.

Fitch anticipates Beijing exercising fiscal restraint. Amid pledges for additional measures to boost domestic spending, the exact implementation details remain limited.