Silver prices crossed 71000 level amid instability in the banking sector

Silver prices surpassed the 71000 mark as a result of banking sector volatility and Federal Reserve dovish language. According to Fed projections, just a quarter-point increase in interest rates is remaining in the Fed's tightening cycle, indicating that the FOMC will be extra cautious in dealing with current financial sector stress in the United States. Furthermore, the ongoing upheaval for US banks prompted a rush to the protection of bullion as US Treasury Secretary Yellen disputed that the government would protect all deposits in the US financial system. On the supply side, continuing withdrawals of bullion stocks boosted silver prices. Deutsche Bank (ETR: DBKGn ) announced the redemption of $1.5 billion of tier 2 notes due in 2028, as its credit default swaps reached their highest level since they were introduced in 2019. At the same time, UBS and Credit Suisse (SIX: CSGN ) are being investigated by the US Justice Department for assisting Russian billionaires in evading sanctions.     According to early estimates, the S&P Global (NYSE: SPGI ) US Manufacturing PMI jumped to 49.1 in March 2023 from 47.3 in February, above projections of 47. The number indicated the lowest drop in the current five-month run of declining manufacturing activity, despite a resumed climb in output and a smaller dip in new orders. Durable goods orders in the United States, which measure the cost of orders received by manufacturers of products expected to last at least three years, fell 1% month over month in February 2023, following an upwardly revised 5% decrease in January and falling short of market expectations of a 0.6% gain. According to early estimates, the S&P Global US Services PMI increased to 53.8 in March 2023 from 50.6 in January, significantly exceeding market forecasts of 50.5. It was the fastest growth in output since April 2022, with companies attributing the boost to improved market conditions and an increase in new contracts.