Commodities

Silver closes higher but posts weekly losses

2019-04-12 21:39:29 GMT (Economies.com)

Silver prices rose at the close of today's session, to recover some of yesterday's losses, on the dollar's large-scale decline today, on the return of demand for metals away from the US currency.

 

The dollar index fell by 0.2% to 96.9 points by 18:29 GMT, reaching a high of 97.1 points and a low of 96.7 points.

 

Investors moved away from the dollar as a safe haven today and took up stocks and metals on the back of positive companies quarterly earnings reports in the first quarter.

 

The International Monetary Fund (IMF) trimmed its forecast for global economic growth, while citing a number of challenges, most notably the US-China trade war and the possibility of Washington opening a new front with the EU after Trump's threats to impose tariffs on its imports of European goods worth $ 11 billion.

 

At the close of the session, silver futures (May delivery)rose 0.6% to close at $14.963 an ounce, the metal recorded a high of $15.065 and a low of $14.9. While the metal recorded a weekly loss of 0.8%.

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