Commodities

Silver resumes decline off seven-month highs as dollar extends gains

2019-02-11 09:55:16 GMT (Economies.com)

Silver futures fell in Asian trade off July 9 highs for the sixth session out of nine, as the dollar index scaled January 3 highs, in a day that lacks major data releases from the US and ahead of US-China trade talks.

 

As of 04:59 GMT, silver futures due in March fell 0.47% to $15.75 an ounce off seven-month highs, as the dollar index added 0.06% to 96.70, heading for the longest daily winning streak since November 2016. 

 

Federal Reserve Governor Michelle Bowman is due to speak at the Annual American Bankers Association Conference for Community Bankers, in San Diego, later today, a day before Fed Chair Jerome Powell delivers a speech tomorrow titled "Economic Development in High Poverty Rural Communities" at the Hope Enterprise Corporation Rural Policy Forum, in Mississippi. 

 

Now investors await the third round of US-China trade talks, with US treasury secretary Steven Mnuchin and other officials heading to Beijing later this week to resume negotiations. 

 

US President Donald Trump recently said he doesn't intend to meet with Chinese leader Xi Jinping before the early March deadline for their truce, rousing concerns in the markets about returning tariffs if no deal was reached in time. 

 

Former Federal Reserve Chair Janet Yellen surprised the markets by saying the next move by the Fed will probably a rate hike as the global economy slows down and weighs on the US. 

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