Silver Prices Tumble as Dollar Strengthens to 11-Week Highs
Silver prices dropped on Friday, pressured by the US dollar’s surge to 11-week highs.
Strong US Economic Data Boosts Dollar
Robust US economic data fueled the dollar’s rally.
Dollar Strength Weighs on Silver Demand
A stronger dollar reduced silver’s appeal.
Key Market Data:
- Silver prices fell 1.8% to $18.23 per ounce
- US dollar index rose 0.6% to 105.85
- Gold prices remained steady at $2,734.10 an ounce
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Additional Sections:
Market Outlook:
- Dollar strength signals a bearish market outlook for silver.
- Traders should consider short-term trading strategies.
Trading Strategy:
- Consider selling silver futures on rallies.
- Monitor gold and crude oil prices for potential buy opportunities.