Silver prices dropped toward $30 per ounce on Thursday
Silver prices dropped toward $30 per ounce on Thursday, nearing their lowest levels in two months as risk-on sentiment and a stronger dollar shifted investor interest away from precious metals. Equities, cryptocurrencies, and the dollar have been rallying since Donald Trump’s election victory last week, as markets bet on strong growth and higher inflation under the incoming administration.
Meanwhile, the latest US inflation figures met expectations, having little impact on the outlook for Federal Reserve monetary policy.
In China, investors were underwhelmed by Beijing’s latest support measures to stabilize the economy, despite the finance ministry unveiling 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 outlook for the sector.(Cay)
Source: Trading Economi