Geopolitical Tensions Losing Impact on Precious Metals Prices

This morning, silver rose 0.3 percent, or $0.06, to trade at $20.22 per ounce, according to Reuters. Precious metals received a boost from Chinese data showing that in July the country’s service sector experienced its slowest growth in close to a decade. However, a strong dollar moderated that upward movement.

INTL FCStone analyst Edward Meir told the news outlet that geopolitical tensions seem to have lost their ability to make a serious impact on precious metals prices. While there have been spikes related to events in Israel and Ukraine, those gains tend not to last.