Silver dives to lowest level in 2021 on fears over Chinese economy

Silver prices fell on Monday, deepening losses for the fourth straight day, and hit the lowest level this year, amid growing concerns over the Chinese economy following the debt crisis of the company Evergrande, while the US dollar rose against its peers.

Silver prices fell 1.5% to the lowest since November 30, 2020 at $22.02 an ounce, after opening at $22.35, and hit a high of $22.50.

Silver closed lower by 2.25% on Friday, the third straight daily loss, as most dollar-denominated metals and commodities fell.

Silver prices lost 5.7% last week, the second straight weekly loss, and the largest weekly loss since June.

As for Evergrande, the world's most indebted real estate developer, doubts about the Chinese company's ability to meet its obligations have raised concerns about the integrity of the Chinese real estate and credit markets.

The dollar index rose 0.2% on Monday, the third profit in a row, marking month highs at 93.40 against a basket of major rivals.

The gains come amid increased investor interest on the greenback following increased bets on policy tightening in the US before the year end.