Silver drops 1.5% as precious metals lose appeal

Silver prices fell today as investors eschewed precious metals despite sharp losses in stock markets and a retreat in the US dollar.

The World Economic Forum launched today in Davos, Switzerland, which is attended by a number of international figures in the political, economic and technological fields.a

Chief among those is President Donald Trump, who has delivered a speech today, in which he boasted his administration's economic gains, and trade deals Washington reached with China, Canada and Mexico.

Whilst Trump ignored that the US Senate began hearing on his trial on accusations of misusing his powers and obstructing Congress.

The dollar index was lower against a basket of major currencies by 0.1% to 97.5 points as of 21:00 GMT, after hitting a day high of 97.6 and a low of 97.3.

Silver futures (due March) lost 1.5% to close at $17.808 an ounce, with a high of $18.155 and a low of $17.62.