Silver sheds more than 5% in November

Silver prices fell on Monday, as the US dollar steadied against most of its peers, while the precious metal posted monthly losses due to optimism about the Covid-19 vaccines.

The American company Moderna announced on Monday that its vaccine was 100% effective at preventing severe COVID-19 in the final analysis of the third and final stage of clinical trials, adding that it is also suitable for all age groups.

While Pfizer revealed earlier this month that its vaccine was 95% effective, and has also applied for an emergency authorization to the Food and Drug Administration (FDA).

The dollar index rose against a basket of major currencies by 0.1% to 91.8 points as of 22:50 GMT, after hitting a high of 91.9 points and a low of 91.5 points.

Silver March futures fell 0.2% or 5 cents, and closed at $22.593 an ounce, with a monthly loss of 5.1%, after hitting today's high at $22.830, and the low at $21.960.