Silver Futures Fall to $22.97 in New York

Silver for July delivery fell on the COMEX in New York to $22.97 an ounce, a decline of $0.14. Spot silver also fell $0.36, hitting $23 an ounce, Reuters reported.

Silver prices have dropped 23 percent this year. The fall in prices has caused a number of silver miners to cut costs to protect their earnings. For instance, Canada’s First Majestic Silver (TSX:FR,NYSE:AG) plans to cut its 2013 capital expenditures by about 16 percent, Reuters reported.

The improving US dollar on the foreign exchange market continues to weigh on the silver market, Kitco News reported.