Silver Still Weak on Monday
Silver prices fell nearly $30 an ounce on Monday (2/12), extending losses from last week as the U.S. dollar rose on optimism about the U.S. economic outlook.
The dollar also strengthened after U.S. President-elect Donald Trump threatened BRICS countries on Saturday with 100% tariffs if they create or support a new currency that could replace the dollar.
A stronger dollar makes dollar-denominated commodities more expensive for buyers holding other currencies, dampening demand. Meanwhile, data showed that Chinese manufacturing activity expanded for a second straight month in November, following a series of stimulus measures from Beijing.
Meanwhile, investors are now focused on a key political meeting in China later this month for potential policy announcements, which could help assess the demand outlook in the world's top metals consumer.
Source: Trading Economics
