Silver falls as demand shifts to US stocks

Silver futures closed lower on Thursday, as the US dollar steadied against its major peers, while investors shifted to US stocks.

The US Department of Labor revealed that the number of initial unemployment claims fell to 411K last week from 418K, while analysts forecast 382K.

The second reading of the US GDP showed a growth by 6.4% during the first quarter of 2021 as expected.

Efforts to contain the coronavirus pandemic are continuing around the world, especially after the new highly transmissible delta strain emerged in some countries.

The dollar index held against a basket of major currencies by at 91.8 points as of 20:17 GMT, after hitting a high of 91.8 points and a low of 91.6 points.

Gold spot futures fell 0.5% to $25.98 an ounce as of 20:17 GMT, after hitting a day high of $26.24 and a low of $25.86.