Silver gives up earlier gains and closes lower

Economies.com
2020-05-13 20:40PM UTC

Silver futures fell on Wednesday, to pullback from the earlier gains, as the US dollar rallied against most currencies, despite a slump in stock markets.

 

Data showed today that the US producer price index in fell 1.3% during April, lower than estimates of 0.5%.

 

The dollar index rose against a basket of currencies by 0.1% to 100.2 points as of 20:28 GMT, after it hit an intraday high of 100.2 and a low of 99.5.

 

Federal Reserve Chairman Jerome Powell stated that the US economy is facing the worst economic downturn since World War II due to the coronavirus crisis.

 

Powell added that the Fed will use all the necessary tools to support the economy but will not adopt negative interest.

 

Silver July futures fell 0.2% to close at $15.671 an ounce, after a day high of $15.91 and a low of $15.545.

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