Silver sharpens decline to four-week low as dollar plods north

Economies.com
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. 

Commodities News

Gold News

Commodities

Gold surpasses $2400 for first time ever
2024-04-16 20:03PM UTC
Gold prices rallied on Tuesday and scaled fresh record highs on strong haven demand, as global ...
Oil News

Commodities

Oil prices hover near two-week lows as markets expect little response from Israel to Iran's attacks
2024-04-16 13:17PM UTC
Global oil prices fell in American trade on Tuesday, approaching two-week lows as the US now ...
Gold News

Commodities

Will gold prices scale $3000 an ounce in 2024?
2024-04-16 11:59AM UTC
Gold prices continued to move in a positive zone and approached the record highs scaled last week ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Brent oil price forecast update 16-04-2024
2024-04-16 09:52AM UTC
Brent Oil Price Forecast Brent oil price finds solid resistance at 90.90$, to show negative ...
Oil Analysis

Commodities

Crude oil price forecast update 16-04-2024
2024-04-16 09:48AM UTC
Crude Oil Price Forecast Crude oil price trades negatively to press on 85.45$ support line, ...
Silver Analysis

Commodities

Silver price forecast update 16-04-2024
2024-04-16 09:48AM UTC
Silver Price Forecast Silver price faces clear negative pressure now, to approach the key ...