Silver Price Nears Seven-week High

iNVEZZ.com reported that on Thursday morning silver was trading near a seven-week high, with demand stoked by selling in the global equities markets weakness in the US dollar. However, the weak oil price stopped the white metal from rising too high.

As quoted in the market news:

Silver for immediate delivery had gained three cents, or 0.18 percent to $17.06 as of 06:57 GMT, and was trading 2.7 percent above its 50-day simple moving average of $16.59, having managed to close above the measure on Tuesday for the first time since 1 July. It touched $17.30 yesterday, the highest since 29 October. Xia Yingying, a Hangzhou, China-based analyst at Nanhua Futures Co., was quoted by Bloomberg as saying that the ‘slide in equity markets has swelled risk aversion, benefiting precious metals’.

Click here to read the full iNVEZZ.com report.