Silver closes lower but notches weekly gains by more than 1%

Economies.com
2019-05-24 19:23PM UTC

Silver prices fell during today's trading as investors avoided precious metals and the dollar as their appetite shifted to the stock markets.

 

Silver and other metals were under pressure this week as the dollar rallied against most major currencies, in addition to the escalation in the trade war between Washington and Beijing.

 

The US Department of Commerce has given Huawei a 90-day exemption which allows it to deal with US companies during this period.

 

However, trade threats between the two countries are still underway, as the US Treasury Secretary Steven Mnuchin has revealed that Washington will not impose the imports' tariffs at least for another month.

 

However, the United States has prepared a list of more than $300 billion worth of Chinese goods that can be targeted by tariffs.

 

In a related context, the dollar index (against a number of major currencies) fell by 0.3% to 97.5 points at 19:10 GMT, reaching a high of 97.9 points and a low of 97.5 points.

 

At the end of the session, silver futures (July delivery) fell 0.4% to $14.555 an ounce. The metal recorded a weekly gain of 1.2%, with a high of $14.595 and a low of $14.52.

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