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iNVEZZ.com reported that silver futures for September delivery fell Wednesday by 1.38 percent, hitting $14.762 per ounce.
iNVEZZ.com reported that silver futures for September delivery fell Wednesday by 1.38 percent, hitting $14.762 per ounce. On Tuesday, the price hit a six-year low of $14.62.
The gold price has faced similar difficulties.
As quoted in the market news:
With regard to Greece, traders remained surprisingly adamant in the face of the potentially catastrophic crisis. By and large, investors restrained themselves from pouring cash into precious metals, which are traditionally seen as a ‘safe-haven’ assets in times of economic and political turmoil.
Greece failed to present fresh proposals at a meeting with Eurozone partners yesterday. It is now demanded by EU members that a plan be drawn up by Thursday at the latest.
“Any movement towards an agreement will likely mean that gold’s staying power at current levels will prove to be short-lived,” INTL FCStone analyst Edward Meir said, as quoted by Reuters.
Meanwhile, markets were gearing up for the upcoming release of minutes from the US Federal Reserve’s last meeting in June later today. Investors will be looking for cues as to the timing of an eventual base rate hike, which the Fed has indicated would happen before the end of the year.
A base rate increase would support the dollar, which in turn makes precious metals more expensive for other currencies holders.