Silver resumes rally, closes above $29

Economies.com
2020-08-10 19:54PM UTC

Silver prices rose on Monday, to continue the strong performance amid uncertainty over the coronavirus crisis and the ongoing tensions between Washington and Beijing, which increased safe-haven demand.

 

The US Labor Department released its reading for the non-farm employment change index, as the economy has added around 1.8 million jobs in July, and the unemployment rate fell to 10.2% vs. 11.1%.

 

President Donald Trump signed an executive order to extend the supplemental federal unemployment benefits to those who lost their jobs due to the coronavirus crisis, but with $400 per week, down from $600.

 

The dollar index rose against a basket of currencies by 0.1% to 93.5 points as of 19:43 GMT, after it hit a high of 93.7 and a low of 93.3.

 

Silver September futures rose 6.3% or $1.72 to close of $29.261 an ounce, after hitting a day high of $29.53 and a low of $27.96.

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