Silver sharpens decline to four-week low as dollar plods north
2023-12-11 09:19AM UTC

Silver prices declined in European trade on Monday for the sixth straight session, plumbing four-week lows as the dollar gains ground.


Speculation about the Federal Reserve maintaining high interest rates for an extended duration throughout 2024 rebounded after strong US labor data last week. 


Silver Prices Today


Silver prices fell 0.35% to $22.92 an ounce, the lowest since November 14, with a session-high at $23.10. 


Silver prices closed down 3.4% on Friday, the fifth decline in a row and the longest such streak of daily losses since late August following strong US labor data.


Silver swooned 9.75% last week, the largest weekly loss since September 2020.


Silver dropped from seven-month high at $25.92 on aggressive profit-taking as both the dollar and US treasury yields rebound, while concerns about Chinese demand increase.


The Dollar


The dollar index rose 0.2% on Monday, the second profit in a row, almost surpassing three-week highs at 104.26 against a basket of major rivals. 


A stronger dollar makes dollar-denominated silver futures costlier to holders of other currencies. 


Recent data showed the US economy added 199 thousand new jobs last month, above estimates of 190 thousand, and up from 150 thousand inn October.


Unemployment fell to 3.7% from 3.9%, while labor participation rose to 62.8%.


The Fed is waiting for tight conditions in the labor sector to loosen before taking the step of easing policies, but so far such loosening hasn't happened yet. 

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