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Spot silver traded slightly lower this morning, at $23.88 per ounce.
Spot silver dropped one cent on May 8, to $23.88 an ounce, Reuters reported. However, silver for July delivery increased $0.06 to hit $23.87 an ounce on the COMEX.
Forbes reported that a couple of factors have affected silver prices today. For one, China, the world’s largest metal consumer, reported a higher-than-expected trade surplus of $18.2 billion in April. Imports and exports exceeded market expectations, giving investors more confidence. Industrial production in Germany for April was also higher than expected.
The source said the weaker US dollar index this morning has also supported silver prices.