Silver closes lower by 0.5% as investors shift to stock markets

Silver prices fell during trading today as investors shifted to stock markets, pushing Wall Street to record highs following further comments by Federal Reserve Chairman Jerome Powell.

The dollar index (against a number of major currencies) stabilized at 97.07 points by 18:58 GMT, reaching a high of 97.1 points and a low of 96.8 points.

In his testimony before the Senate Banking Committee, Powell said that the US economy is facing pressure that has shaken markets' confidence as a result of the escalating trade disputes between the United States and other countries.

Powell cautioned against continuing uncertainty over a number of negative factors on the economy, pointing out that hinting a rate cut caused a partial recovery of the US economy.

In terms of trade, silver futures (September delivery) fell 0.5% and closed at $15.146 per ounce, the metal hit a high of $15.345 and a low of $15.12.