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iNVEZZ.com reported that silver rose Friday for the second day in a row and is now set up to achieve its first intra-week gain in three weeks. The metal was spurred upward by a soft US dollar and concerns about Greece.
iNVEZZ.com reported that silver rose Friday for the second day in a row and is now set up to achieve its first intra-week gain in three weeks. The metal was spurred upward by a soft US dollar and concerns about Greece.
As quoted in the market news:
Silver for immediate delivery had rallied 14 cents, or 0.83 percent, to $16.96 an ounce as of 06:21 GMT today, to be trading about 1.2 percent above its 50-day simple moving average of $16.76. Yesterday, the precious metal settled 0.45 percent up. It is poised for a 1.7 percent advance on the week as global equity markets remain subdued amid concerns over Greece’s debt negotiations with its European creditors and the country’s future in the euro zone.
A weaker dollar following soft US economic data on retail sales and jobless claims also supported precious metals. According to yesterday’s report from the US Department of Commerce, retail and core retail sales declined 0.8 percent and 0.9 percent respectively. Meanwhile, the number of people who applied for US unemployment benefits jumped by 25,000 to 304,000 in the first week of February, data from the Department of Labor showed.