Silver backs off 2-week high despite China's rate cut
Silver prices fell on Monday, deepening losses for the second straight day, and pulled back from a 2-week high on profit-taking, despite China's decision to cut interest rates.
Silver prices fell 0.4% to $22.27, after opening at $22.36, and hit a day high at $22.44.
Silver closed lower by 0.5% on Friday, due to profit-taking from a 2-week high of $22.67 an ounce.
Silver prices gained 0.8% last week, the first weekly gain in 5 weeks, due to strong demand as a safe haven.
Most precious metals prices fell on Monday weighed down growing odds of a US interest rate hike next March, especially after recent Federal Reserve officials' statements.
The People’s Bank of China unexpectedly cut interest rates on Monday by 5 basis points to 3.8%, to support the economy that is facing severe conditions, which may lead to the worst growth rate in a long time.
Stimulating the Chinese economy lifts demand for metals and commodities, as China is the world's largest consumer of metals.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1281
|
-0.0017
|
0.1478%
|
|
|
|
|
1.3490
|
0.0013
|
0.0946%
|
|
|
|
Tadawul
|
12108.56
|
56.61
|
0.47%
|
|
|
|
|
23.793
|
-0.023
|
0.099%
|
|
|
|
|
84.890
|
1.349
|
1.615%
|
|
|
|
|
87.53
|
1.14
|
1.32%
|
|
|
|
|
1846.780
|
7.315
|
0.398%
|
|
