Silver ends higher, with weekly gains of 1.6%

Economies.com
2019-07-12 19:07PM UTC

Silver prices rose today as US dollar fell against most major currencies amid a rise in demand on precious metals as safe havens in the face of market concerns about geopolitical concerns.

 

Market expectations on the Fed's rate cut were reinforced following the Federal Reserve's Chairman testimony before the US Congress, in which he hinted at the pressures that face the world's largest economy, which calls for a rate cut.

 

On the other hand, US President Donald Trump warned Iran and waved more sanctions as a result of what he sees as its destabilizing activities in the Middle East.

 

In a related context, by 18:55 GMT, the dollar index (against a number of major currencies) fell by 0.2% to 96.8 points, reaching a high of 97.1 points and a low of 96.7 points.

 

At the end of the session, silver futures (September delivery) rose by 0.6% to $15.236 per ounce, the metal recorded weekly gains of 1.6%, with the day's highest at $15.27 and the lowest at $15.07.

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