Silver closes lower, but logs weekly gain

Economies.com
2021-01-15 20:44PM UTC

Silver prices closed lower on Friday, as the US dollar continued to rise against its major rivals, and posted a weekly gain due to the US political tensions.

 

Data showed today that the US retail sales index fell 0.7% in December, while the producer price index rose 0.3%, lower than forecasts of 0.4%.

 

The dollar index rose against a basket of major currencies by 0.5% to 90.7 as of 20:23 GMT, after hitting a high of 90.7 points and a low of 90.2 points.

 

President-elect Joe Biden revealed yesterday a $1.9 trillion stimulus package to boost the economy from the Covid crisis.

 

Silver March futures fell 3.2% or 94 cents, and closed at $24.866 an ounce, but posted a weekly gain of 0.9%, after hitting a day high of $25.865, and a low of $24.610.

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