Commodities

Silver drops nearly 2% on rising dollar

2021-09-16 11:59:23 GMT (Economies.com)

Silver prices lost nearly 2% on Thursday, near a 3-week low, due to worries over China's demand, while the US dollar rose against its peers.

 

Silver prices fell nearly 2.0% to $23.40 an ounce, after opening at $23.84, and hit a high of $23.96.

 

Silver closed lower by 0.1% yesterday, after weak data in China, and after recovery attempts from the 3-week low of $23.37 stopped.

 

Data showed on Wednesday that Chinese retail sales fell to the lowest level in a year in August.

 

The dollar index rose over 0.35% today against a basket of major rivals, which weighs down on dollar-denominated metals prices.

 

Investors are still buying up the greenback ahead of the US monthly retail sales and the weekly jobless claims data.

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