首页|Silver-The white metal prices fall weighted down by surge in dollar
Silver-The white metal prices fall weighted down by surge in dollar
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NSTL
Silver had showcased a negative trading in June erasing all the gains it had made in May tracking the footsteps of gold weighed by the surge in dollar. The dollar index, which measures strength of the U.S. dollar against six major currencies, surged to a 2-month high in June pushed by hawkish comments by the Federal Reserve. The U.S. Federal Reserve in its June month monetary policy meeting said that it is ready to loosen the tight monetary policy and start raising interest rates by 2023 as the economy is grapplin with high inflation. The Fed chairman as well as most of the members vowed the same view that it is time for us to start raising interest rate and reduce bond buying program, which made the dollar to surge and bullion to fall in June. However, it maintained a status quo on its interest rates. Other central banks following suit with the U.S. central bank kept their interest at lowest level and are watching growth in the economic condition before making any changes in the rates. Further, the base metals complex was down in June as the investors feared that the recent rally in the metals would lead to inflationary concern, which also weighed on the silver market. Further, Chinese government have taken series of measures to cool down the metal prices by imposing additional margins, warning speculative trading activities, which was the other factor pressurizing the silver in June.
NSTL
