Silver finishes lower, logs weekly loss

Silver futures slumped on Friday, weighed down by the US dollar's rally against most currencies, despite sharp stock losses and the release of weak US jobs report.

The US Department of Labor revealed that the US economy has lost around 701,000 jobs in March, and the unemployment rate jumped to 4.4% in March vs. 3.5% during February.

The coronavirus infections are soaring in the US and globally, which forced most financial institutions to forecast a deep economic recession.

The dollar index rose 0.5% to 100.6 points as of 19:24 GMT, after it hit a high of 100.8 and a low of 100.1.

Silver May futures fell 1.1% to close at $14.494 an ounce, and posted 0.3% weekly loss, after hitting a session-high of $14.75 and a low of $14.44.