Silver Price Gains on Softer US Dollar

iNVEZZ.com reported that in Asian trading Thursday silver was able to extend the gains it made during the previous session. It was supported the lower US dollar, which was down due to soft economic data.

As quoted in the market news:

Silver for immediate delivery had added 0.11 percent, or over two cents, to $16.96 per ounce as of 07:12 BST, and was trading about 1.8 percent over its simple moving average of $16.64. During yesterday’s trading, the precious metal climbed 1.83 percent, erasing most of its losses from the three preceding sessions.

Silver appreciated over 30 cents yesterday as the US dollar eased after weak economic data prompted investors to push back their expectations for a hike in borrowing costs. The DXY dollar index, which pegs the greenback versus six of its major peers, had lost 0.18 percent to 98.0310 as of 06:41 BST today. The gauge has contracted since hitting a 12-year high of 100.3900 last month.

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