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While a reduced global growth forecast by the International Monetary Fund hampered the price of copper, it helped boost silver prices.
While a reduced global growth forecast by the International Monetary Fund hampered the price of copper, it helped boost silver prices.
A decline in equity markets after the International Monetary Fund reduced global growth forecasts for the third time this year pushed the silver price up 1 percent to trade at $17.33 per ounce, according to iNVEZZ.com.
“The market reaction to the downgrading of the 2015 outlook by the IMF may have been the catalyst for the intraday selloff overnight, but it is by no means the only reason for global unease,” said IG Market Strategist Evan Lucas. “The use of the term ‘frothy’ to describe markets didn’t help, as valuations are a subjective metric. Talk of overheating, overvalued and ex-growth perpetuates worry.”