OPEC Decision Deals Blow to Silver Price

iNVEZZ.com reported that on Friday silver declined for the third session in a row. The white metal may have been impacted by OPEC’s decision to leave its export quotas in place, a move that sent oil prices down drastically.

As quoted in the market news:

Lower energy prices raise prospects for an easing of consumer prices, reducing demand for precious metals as a hedge against inflation.

Silver for immediate delivery had shed 0.51 percent, or eight cents, to $16.10 as of 06:41 GMT, and was trading nearly four percent below its 50-day simple moving average of $16.76. It tumbled 1.8 percent during the previous session and looks poised to halt two weeks of gains.

‘Precious metals declined as lower oil prices prompted concerns about deflation,’ said ANZ analyst Victor Thianpiriya, as quoted by Reuters.

Click here to read the full iNVEZZ.com report.