Silver declines 1% to four-week low as dollar edges up

Economies.com
2019-01-22 05:33AM UTC

Silver futures fell over 1% in Asian trade to December 27 lows as the dollar index gained ground, ahead of US housing data later today while the US government shutdown continues. 

 

As of 05:25 GMT, silver futures due in March fell 1.26% to $15.21 an ounce, marking four-week lows, while the dollar index added 0.06% to 96.39. 

 

Now investors await US existing home sales data, expected with a 1.5% drop to an annualized 5.24 million units, compared to a 1.9% increase in November to 5.32 million units, while the US government shutdown entered its fifth week, the longest in American history. 

 

The International Monetary Fund cuts its forecasts for global growth in 2019 and 2020 to 3.5% and 3.6% respectively from 3.6% and 3.8% in October forecasts, pointing to trade tensions, slower growth, and high levels of public and private debt across the globe. 

 

The IMF added the risks of an unorganized Brexit and China's economic slowdown as particular points of concern. 

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