Silver Falls to $16.60 per Ounce on US GDP Report

Silver fell 0.32 percent, or $0.05, to $16.60 per ounce on Wednesday, iNVEZZ.com reported. The drop was due in part to a better-than-expected US third-quarter GDP report.

More US economic releases are due out later in the day, including those covering weekly jobless claims, durable goods orders, personal income and new home sales. Many of these reports are coming out early due to the US Thanksgiving holiday tomorrow. If the data continues to be positive, the US Federal Reserve may raise interest rates and thereby reduce demand for precious metals.