Silver Falls Amid Rising Dollar
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Silver held its recent decline to around $33.7 per ounce on Monday as the dollar and Treasury yields rallied further on signs of strength in the US economy and bets that former President Donald Trump will win at next month’s election. Easing geopolitical risks in the Middle East also pressured precious metals as Israel’s retaliatory strikes on Iran over the weekend did not target crude or nuclear facilities, while Tehran did not immediately vow to respond, raising hopes of a de-escalation in the regional conflict.
Meanwhile, investors look ahead to the meeting of the National People’s Congress scheduled on Nov. 4-8 for potential announcements on debt and other fiscal measures from Beijing. Data released over the weekend showed that industrial profits in China declined at the fastest pace since the pandemic in the first nine months of the year amid persistently weak demand, weighing on the economic outlook in the world’s top metals consumer.
Source: Trading Economics
