Silver prices rose in European trade on Friday on track for the third profit in a row, hitting a one-week high and on track for a weekly profit as US 10-year treasury yields declined.

Demand in China is expected to improve, after strong data showed Chinese industrial production rebounded in November.

Silver Prices Today

Silver prices rose 0.45% to $24.29 an ounce, the highest since October 6, with a session-low at $23.99, after closing up 1.55% on Thursday, as dollar and US yields decline.

Weekly Trades

The white metal is up 5.5% so far this week, on track for the fourth weekly profit in the last five weeks.

US Treasury Yields

US 10-year treasury yields fell 0.4% on Friday on track for the fourth loss in a row, almost touching five-month lows at 3.887% and boosting non-yielding assets.

Such developments came after the Federal Reserve announced the end of the current cycle of policy tightening and preparation for interest rate cuts in 2024.

Fed Chair Jerome Powell said that historic US policy tightening is over with policymakers now discussing upcoming interest rate cuts.

Chinese Demand

Chinese data showed a surge of 6.6% in industrial output in November, the best pace in two years, beating estimates of 5.7%.

As China's economy rebounds, and the government provides fresh stimuli, demand on precious metals such as silver and gold is expected to grow accordingly.