Silver falls as copper drops, hurt by dollar strength

Silver fell on the European market on Thursday, resuming its losses which were temporarily halted yesterday, as part of a drop from a 4-month low, the decline is due to the broad rise of the US dollar, in addition to the falling copper prices in the global market.

Silver prices fell 0.6% to $14.85 an ounce from the opening level of $14.94 and recorded the highest at $14.95.

Silver ended yesterday's trading rising 0.7%, in the first daily gain in 3 days, as part of the retreat processes from a 4-month low at $14.74 recorded in the day before.

The dollar index rose more than 0.2% on Thursday, extending its gains for the third day in a row, approaching a 23-month high of 98 points, reflecting the continued rise of the US dollar against a basket of global currencies.

As we know, the rise of the US currency negatively affects the prices of metals and commodities denominated in US dollars, making them very expensive for the holders and consumers of other currencies

Copper prices fell more than 1.2%, hitting its lowest levels in four weeks, leading to a fall in most industrial metals prices amid concerns about global inventories and uncertainty about the demand in China, the world's largest metal consumer.