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iNVEZZ.com reported that silver is sitting near its lowest level since the beginning of 2015 following its fall last week. That drop came as the US dollar traded close to its highest point in 11 years after the release of a US jobs report on Friday.
iNVEZZ.com reported that silver is sitting near its lowest level since the beginning of 2015 following its fall last week. That drop came as the US dollar traded close to its highest point in 11 years after the release of a US jobs report on Friday.
As quoted in the market news:
Silver for immediate delivery had shed over a cent, or 0.1 percent, to $15.83 per ounce as of 06:27 GMT, and was trading nearly six percent beneath its 50-day simple moving average of $16.81. Earlier today, silver hit an intraday low of $15.71, the weakest level since 05 January.
On Friday, the precious metal tumbled over two percent after the release of the employment situation report for February from the US Bureau of Labor Statistics. The Washington-based agency said that nonfarm payrolls rose by 295,000 in February, ahead of the forecasts for 245,000 reported by IG, while the unemployment rate fell from 5.7 percent to 5.5 percent. January payrolls were revised down to show a 239,000 gain, versus an initial estimate of 257,000.
INTL FCStone analyst Edward Meir told Reuters:
The number fuelled expectations that the Fed will now raise rates sooner rather than later, with the consensus now back to a June increase as opposed to September … We likely will see continued dollar strengthening and more commodity weakness.