Silver backs off 3-month high on renewed concerns over Chinese economy

Silver prices fell on Friday, to deepen losses for the second day and pulled back from a 3-month high, on profit-taking and concerns over the Chinese economy after China abandoned setting a target for GDP growth during 2020.

Silver prices fell 2.3% to $16.71, after losing 2.6% yesterday, ending the longest daily gains streak in two months, on profit taking from a 3-month high of $17.63 an ounce.

Alongside profit taking, precious metals fell after unexpected strong manufacturing sector data in Europe and the US in May.

The Chinese authorities decided on Friday to not set a specific target for economic growth this year, which renewed concerns about the Covid-19 pandemic impact and a drop in demand for metals and commodities.