Silver Prices Drop Near Two-Month Low
Silver prices fell near $30 an ounce on Thursday, nearing a two-month low as risk sentiment and a stronger dollar diverted investor interest from the precious metal.
Equities, cryptocurrencies and the dollar have rallied since Donald Trump’s election victory last week, as markets bet on strong growth and higher inflation under the new administration.
Meanwhile, the latest U.S. inflation figures met expectations, with little impact on the Federal Reserve’s monetary policy outlook.
In China, investors were disappointed by Beijing’s latest support measures to stabilize the economy, although the finance ministry announced tax incentives for home and land transactions on Wednesday.
Silver, a key industrial component in solar panel production, has been hit by concerns over the lack of aggressive stimulus measures in China, which has dampened the sector’s outlook.
Source : Trading Economics