Silver Sinks on Back of US Commerce Department Data

This morning, silver lost 1.6 percent, or $0.31, to trade at $19.15 an ounce, according to Reuters.

The decline came on the back of recent data from the US Department of Commerce. It shows an improvement in the country’s economy, which makes precious metals less appealing than currency and equities. However, the metal’s drop was somewhat cushioned by safe-haven buying due to continued tension in Ukraine.

“Overall, the market is extremely quiet at the moment, and the general sentiment seems to be bearish, as it so often is when we are at the low end of the range,” Reuters quotes David Govett, head of precious metals at Marex Spectron, as saying in a research note.