Silver heads for weekly loss on weak safe-haven demand

Silver prices fell on Friday, near a 4-week low, while on the cusp of the third straight weekly loss, due to weak safe-haven demand, amid a strong market sentiment.

Silver prices fell more than 0.9% to $23.07 an ounce, after opening at $23.29, and hit an intraday high of $23.31.

Silver closed flat yesterday, after rising by 0.3% in the previous day, within recovery attempts from a 4-week low of $22.92 an ounce.

Silver prices lost more than 4.5% so far this week, heading for the third straight weekly loss, due to improved risk appetite and weak safe-haven demand.

The strong market sentiment is due to successive positive data about Covid-19 vaccines, and concerns eased about the US presidential election results.