Silver rebounds from 4-month low on strong Chinese data

Economies.com
2019-04-17 11:55AM UTC

Silver prices in the European market rose on Wednesday, their first gain in three days, in attempts to recover from the lowest level in four months, supported by the rise of copper after strong Chinese data, and the decline of the US dollar against a basket of currencies.

 

Silver prices rose 0.8% to $15.09 an ounce from the opening level of $14.97 and the lowest at $14.97.

 

Silver ended yesterday's trading flat with little change after recording a four-month low at $14.84 an ounce the day before.

 

Copper prices also rose more than 1% on Wednesday, the highest level in two weeks, leading to the rise of most industrial metals, after strong economic data in China, "the largest consumer of metals and commodities in the world."

 

China's industrial output jumped to 8.5% in March, its highest growth since July 2014, according to official data.

 

Whilst the dollar index fell by 0.25%, reflecting the decline of the US currency against a basket of global currencies, which supports the rise in the prices of metals and commodities denominated in US dollars.

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