Silver prices decline, pressurised by USD

New York (Feb 18)  As market fundamentals moved in favour of valuable metals, Silver prices declined on Friday, but were still on track as far as narrow weekly gains are concerned.

 

 Silver for May delivery fell 5 cents, or 0.3% to $18.09 a troy ounce at 7:46 am EST. Overnight trading was limited to a range of $17.99 and $18.10.

 The prices of silver are almost 13% up since the start of 2017 and more than 14% from their mid-December lows.

 

 On Friday Gold futures were trading at above their three month highs. The April futures contract inched up $1.40 or 0.1% to $1243 a troy ounce.

 

 A tougher US dollar consolidated from a steep decline in the previous session and  pressurised the gold and silver on Friday.

 The dollar index has gained 1% since the start of February and was up against the euro and pound on Friday morning.

 

 Precious metals are highly sensitive to fluctuation in the US dollar as these are priced in the currency.

Source: HFL