Silver sheds more than 1% after posting huge quarterly loss

Silver futures closed lower at the start of April and the second quarter of this year, weighed down by the US dollar's rally against most major currencies, after its posted yesterday huge quarterly losses.

Investors eschewed precious metals despite sharp losses in stock market due to the coronavirus crisis, and the rising infections to about one million cases worldwide, with a death toll of over 44,000 victims.

The ADP data showed that the US non-farm has lost 27K jobs in March, and the manufacturing PMI also contracted during the same month. 

The dollar index rose against a basket of currencies by 0.7% to 99.7 points as of 20:37 GMT, after it hit an intraday high of 99.8 and a low of 98.9.

Silver May futures fell 1.2% to close at $13.984 an ounce, after losing 21% in the first quarter, with a day high of $14.265 and a low of $13.895.